|Company Name||Edgio, Inc.|
On March 13, 2023, before the market opened, Edgio issued a press release disclosing that it will restate its previously issued financial statements for the years ended December 31, 2021 and 2020, and Quarterly Reports for 2022 and 2021 related to the revenue recognition of its Open Edge Solution. Edgio further disclosed that its audit committee “identified an error in the Company’s historic accounting treatment of Edgio’s Open Edge solution.” As a result, the Company further disclosed that it would be unable to file its annual report on time.
On this news, Edgio’s share price fell $0.1597 per share, or 15.5%, to close at $0.8703 per share on March 13, 2023, thereby injuring investors.
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