Wolf Haldenstein Adler Freeman & Herz LLP Commences Class Action Lawsuit on Behalf of Investors in Limelight Networks, Inc

Business Wire, August 20, 2007

NEW YORK -- Wolf Haldenstein Adler Freeman & Herz LLP today filed a class action lawsuit in the United States District Court, Southern District of New York, on behalf of all persons who purchased the common stock of Limelight Networks, Inc. ("Limelight" or the "Company") [NASDAQ:LLNW] from the date of the Company's initial public offering on June 8, 2007 ("the IPO") through August 8, 2007, inclusive (the "Class Period"), against the Company, certain of its officers and directors, and the underwriters of the IPO, alleging violations under Section 11 of the Securities Act of 1933 (the "Securities Act"), 15 U.S.C. SS 77k (the "Class").

This Complaint asserts that Limelight's Prospectus contained both material misstatements and omissions, which plaintiff and the Class relied upon to their detriment. The representations made in the Company's Prospectus were materially false and misleading because at the time of the IPO, Limelight was already suffering from several adverse factors that were not revealed and/or adequately addressed in the document. These factors include, but are not limited to, that Defendants knew of but did not disclose seasonal drop-offs in Limelight's business attributed to television industry operations and the Company's need to deeply discount prices because of customers' refusal to pay premium rates during those times of the year. Both factors were already causing a material adverse affect on Limelight's business and may continue to affect the Company's viability going-forward.

The Director Defendants (as defined in the complaint) and Limelight's underwriters could have - and should have - discovered the material misstatements and omissions in the Company's Prospectus prior to its filing with the SEC and distribution to the investing public. Instead, they failed to do so as a result of a negligent and grossly inadequate due diligence investigation. The adverse factors affecting Limelight's business were first revealed on August 9, 2007, in a teleconference convened by Limelight management and a Company issued press release announcing results for the quarter ended June 30, 2007.

The August 9, 2007, announcements forecast a weak current quarter due to seasonality and pricing pressure, which caused the price of Limelight's common stock to plunge 40% in a single day, to close at $8.99 from the previous day's price of $14.80. Limelight's stock continued its sharp decline on August 10, 2007, closing at $7.94, culminating in a total loss of $6.86, or a staggering 46%, in just two days.

As a result of the dissemination of the false and misleading statements set forth in the complaint, the market price of Limelight common stock was artificially inflated during the Class Period. In ignorance of the false and misleading nature of the statements described above, and the deceptive and manipulative devices and contrivances employed by said defendants, plaintiffs and the other members of the Class relied, to their detriment, on the integrity of the market price of Limelight common stock. Had plaintiffs and the other members of the Class known the truth, they would not have purchased said common stock, or would not have purchased them at the inflated prices that were paid.

The case name is styled Weernink v. Limelight Networks, Inc., et al. A copy of the complaint filed in this action is available from the Court, or can be viewed on the Wolf Haldenstein Adler Freeman & Herz LLP website at www.whafh.com.

If you purchased Limelight common stock during the Class Period, you may request that the Court appoint you as lead plaintiff by October 12, 2007.

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has approximately 70 attorneys in various practice areas; and offices in Chicago, New York City, San Diego, and West Palm Beach. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New York 10016, by telephone at (800) 575-0735 (Gregory M. Nespole, Esq., Laurence J. Hasson, Esq., or Derek Behnke), via e-mail at classmember@whafh.com or visit our website at www.whafh.com. All e-mail correspondence should make reference to Limelight.