On March 23, 2011, the Honorable Susan R. Bolton of the United States District Court for the District of Arizona granted final approval to the $1,900,000 settlement in the class action In re Limelight Networks, Inc. Securities Litigation, No. CV07-01603-PHX-SRB.
Labaton Sucharow served as Court-appointed co-lead plaintiffs' counsel for lead plaintiffs Mitchell Robbins, David Gechlik, Thaiky Nguyen, Del G. Nuzum and the settlement class.
Plaintiffs alleged that Limelight Networks, Inc. ("Limelight"), certain individual defendants and underwriters made false or misleading statements to the investing public which had the effect of artificially inflating Limelight's stock price.
If you purchased or otherwise acquired the common stock of Limelight between June 7, 2007 and August 14, 2007, inclusive, and were allegedly damaged thereby, including those persons or entities who acquired shares of Limelight common stock issued pursuant to or traceable to Limelight's June 7, 2007 initial public offering, you may be eligible to recover if you submitted a Proof of Claim form with supporting documents by April 12, 2011.
The deadline for objecting to the settlement or for seeking exclusion from the settlement class was February 25, 2011. A settlement hearing was originally scheduled to be held before the Court on March 11, 2011, at 9:00 a.m., but on the Court's own motion the hearing was rescheduled to March 22, 2011, at 9:00 a.m. It was held before Judge Susan R. Bolton at the Sandra Day O'Connor U.S. Courthouse, 401 West Washington Street, Phoenix, AZ, 85003.
A copy of the Notice of Pendency and Proposed Settlement of Class Action, Proof of Claim and Release form, Order Preliminarily Approving Settlement and Providing for Notice and the Stipulation of Settlement, can be accessed by clicking on the links to the right.