Headquartered in Tempe, Arizona, Limelight Networks, Inc. ("Limelight" or the Company) provides digital media content delivery network services for traditional and emerging media companies throughout the United States, Europe, and Asia Pacific.

Several Complaints allege that the Company and certain of its officers and directors disseminated materially false and misleading information to the investing public with regards to the seasonality of Limelight's business and the degree to which Limelight offers discounted services to their customers. The purported results of these misstatements were artificially inflated stock prices during the Company's initial public offering and a 46% price drop following Limelight's first performance statements as a public company.

As summarized by the Company’s Form 10-Q for the quarterly period ended September 30, 2009, in August 2007, the Company, certain of its officers and current and former directors, and the firms that served as the lead underwriters in the Company’s initial public offering were named as Defendants in several purported class action lawsuits filed in the U.S. District Courts for the District of Arizona and the Southern District of New York. All of the New York cases were transferred to Arizona and consolidated into a single action. The Plaintiffs’ consolidated Complaint asserted causes of action under Sections 11, 12, and 15 of the Securities Act of 1933, as amended, on behalf of a purported class of individuals who purchased the Company’s common stock in its initial public offering and/or pursuant to its Prospectus. The Complaint alleges, among other things, that the Company omitted and/or misstated certain facts concerning the seasonality of its business and the loss of revenue related to certain customers. On March 17, 2008, the Company and the individual Defendants moved to dismiss all of the Plaintiffs’ claims and a hearing was held on June 16, 2008. On August 8, 2008, the court granted the motion to dismiss, dismissing Plaintiffs’ claims under Section 12 with prejudice and granting leave to amend the claims under Sections 11 and 15. Plaintiffs chose not to amend the claims under Sections 11 and 15, and on August 29, 2008 the court entered judgment in favor of the Company. On September 5, 2008, Plaintiffs filed a notice of appeal, and appellate briefs were filed by the parties in January and February 2009.

According to the Company's Form 10-K for the fiscal year ended December 31, 2010, in November 2009 the parties entered into a Memorandum of Understanding to settle this lawsuit for an amount well within the coverage limits of the primary carrier of Limelight's directors and officers liability insurance, and on July 7, 2010 the parties entered into a settlement agreement consistent with the terms of the Memorandum of Understanding, which require court approval. A hearing before the Federal District Court was then scheduled for March 22, 2011.

On September 02, 2010, a notice of appeal was filed in the 9th Circuit.

On December 10, 2010, an Order Preliminarily Approving Settlement and Providing For Notice was filed with the Court.

On March 23, 2011, an Order Awarding Lead Plaintiffs’ Counsel Attorneys’ Fees and Reimbursement of Litigation Expenses was filed along with an Order Approving Plan of Allocation. On the same day, a Final Judgment and Order of Dismissal With Prejudice was filed.

On December 21, 2012, the Court issued a Distribution Order for the Net Settlement Fund in this case.