TEMPE, Ariz.--(BUSINESS WIRE)--
Limelight Networks, Inc. (Nasdaq: LLNW) (Limelight), a global leader in
digital content delivery, announced today that the Massachusetts
District Court has entered final judgment in the Akamai Technologies,
Inc. et al. v. Limelight Networks case. The District Court reduced the
total damages payable by Limelight in this case to approximately $51
million, which is significantly less than the previously disclosed
upper-end of range of loss of $63 million. As a result, the company will
regain access to approximately $12 million of the $63 million currently
held in a letter of credit supporting the damages award.
Limelight will take a charge in second quarter 2016 for the full amount
of $51 million.
“Since August of 2015, we have allocated precious resources to eliminate
the possibility of a permanent injunction and address our belief that
the ultimate damages payable would be considerably less than the amounts
requested in this case. The final judgment in this case, which removes
the possibility of a permanent injunction, validates our effort and
represents an important milestone as it brings this long-standing
dispute a step closer to finality,” said Robert Lento, chief executive
officer of Limelight. “We participate in an attractive industry and
remain focused on improving Limelight’s operational and financial
performance and are thankful for the continuing support of our
customers, employees and shareholders.”
The company will release second quarter results on July 27, 2016.
About Limelight
Limelight Networks (NASDAQ: LLNW), a global leader in digital content
delivery, empowers customers to better engage online audiences by
enabling them to securely manage and globally deliver digital content,
on any device. The company’s award winning Limelight Orchestrate™
platform includes an integrated suite of content delivery technology and
services that helps organizations secure digital content, deliver
exceptional multi-screen experiences, improve brand awareness, drive
revenue, and enhance customer relationships — all while reducing costs.
For more information, please visit http://www.limelight.com,
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Copyright© 2016 Limelight Networks, Inc. All rights reserved. All
product or service names are the property of their respective owners.
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Source: Limelight Networks, Inc.