NEW YORK, Aug. 17, 2007 (PRIME NEWSWIRE) -- Roy Jacobs & Associates has commenced a Class Action lawsuit in the United States District Court for the Southern District of New York on behalf of a class (the "Class") of all persons who purchased or acquired securities of Limelight Networks, Inc. ("Limelight Networks" or the "Company") (Nasdaq:LLNW) between June 8, 2007 and August 8, 2007 (the "Class Period").
For further information you may call toll free, 1-800-705-9529, or contact counsel by e-mail by writing to rjacobs@jacobsclasslaw.com. You may also sign up by visiting our web site www.jacobsclasslaw.com.
The Complaint alleges that defendants, including the Company's top executives and the co-lead underwriters of its IPO, negligently violated the federal securities laws by issuing a Prospectus in connection with its June 8, 2007 initial public offering ("IPO") which was materially misleading regarding adverse business events that were affecting the Company, including: (a) that revenues were suffering due to greater reliance on television-related sales, which are seasonal; and (b) that Limelight Networks was being forced to resort to deep discounting its services in order to attract and maintain customers for its premier services because of those customers' resistance to paying adequate prices, a development that has impacted the Company's June 30, 2007 quarter, and which will continue to adversely impact the Company going forward. When the truth about these matters was revealed, Limelight Networks shares dropped substantially.
If you purchased Limelight Networks stock or other securities during the Class Period, you may qualify to serve as Lead Plaintiff on behalf of the Class, which consists of all persons and entities who purchased Limelight Networks stock from June 8, 2007 through August 8, 2007. You are not required to have sold your Limelight Networks holdings in order to claim damages, or to serve in this role. This case will be prosecuted on a contingent fee basis. All motions for appointment as Lead Plaintiff must be filed by October 12, 2007.
Roy Jacobs & Associates has many years of successful experience representing shareholders in securities class actions. If you wish to discuss this action or have any questions concerning this notice or your rights with respect to this matter, please contact Roy L. Jacobs. We will speak with you at no cost or obligation.
You may also join this action by visiting our website at www.jacobsclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca