The Law Offices of Frank

LOS ANGELES, June 26, 2023 (GLOBE NEWSWIRE) — The Law Offices of Frank R. Cruz reminds investors that class action lawsuits have been filed on behalf of shareholders of the following publicly-traded companies. Investors have until the deadlines listed below to file a lead plaintiff motion.

Investors suffering losses in their investments are encouraged to contact the Law Offices of Frank R. Cruz to discuss their legal rights in these class actions at 310-914-5007 or by email to [email protected].

Edgio, Inc. f/k/a Limelight Networks, Inc. (NASDAQ: EGIO)
Class Period: February 11, 2021 – March 12, 2023
Lead Plaintiff Deadline: June 26, 2023

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the sale of Open Edge equipment should be accounted for as financing leases; (2) that there were material weaknesses in the Company’s internal controls over financial reporting related to Open Edge transactions; (3) that, as a result, the Company’s revenue had been overstated in certain periods; and (4) that, as a result of the foregoing, the Defendant’s positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

If you are an Edgio shareholder who has suffered a loss, click here to participate.

Loyalty Ventures Inc. (OTC: LYLTQ)
Class Period: November 8, 2021 – June 7, 2022
Lead Plaintiff Deadline: June 26, 2023

Investors with losses exceeding $1,000,000 are encouraged to contact the firm

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Air Miles program suffered from a lack of investment prior to the spinoff; (2) as a result, Sobeys had informed Defendants it was considering exercising its early termination rights; (3) the threat of Sobeys’ departure loomed throughout 2021 including in the timeframe leading up to the spinoff; (4) Defendants expected the departure of any single large sponsor, such as Sobeys, would have a “network effect” on the value of the entire Air Miles program; and (5) the high leverage and debt service obligations foisted upon Loyalty Ventures, in conjunction with the “network effect” impact on the value of the Air Miles business, threatening the Company’s ability to continue operations; and (6) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you are a Loyalty Ventures shareholder who suffered a loss, click here to participate.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

To be a member of these class actions, you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about these class actions, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
[email protected]
www.frankcruzlaw.com

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