After the bell, content delivery network Limelight Networks (NSDQ: LLNW) released some good news and bad news. The good news is that it will modestly beat expectations for the coming quarter, while also restating past results higher. The bad news, of course, is that these restatements reflect “material weaknesses in its internal controls.”. First, the company under-billed one of its customers by $900K in 2006 and $700K through the first half of 2007. These figures aren’t ultimately that big, but the company felt errors were significant enough to raise a red flag. The company also found that it had overstated how much it was spending on stock-based compensation.  Again, the dollar figures aren’t huge, but since this is one of the costs that has hurt the company in the past, it’s interesting that it had been miscalculating.

SEE ALSO: Earnings: Limelight In Losses in Q2; Shares Down 36 Percent

Not surprisingly, the stock is up on the news, but it’s obvious that the company is facing some difficulties adjusting to being public. And while these issues were relatively minor, it’s possible that the company will discover it has more to work out. Release.