San Diego, CA -- (SBWIRE) -- 08/24/2012 -- Certain Lime Energy Co. directors and officers of are under investigation over possible breaches of fiduciary duties in connection with certain financial statements.
Investors who are current long term investors in Lime Energy Co. (NASDAQ:LIME) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in Lime Energy Co. (NASDAQ:LIME) stocks follows a lawsuit filed earlier by shareholders against Lime Energy Co. over alleged violations of Federal Securities Laws.
The investigation on behalf of current long term investors in Lime Energy Co. (NASDAQ:LIME) stocks concerns whether certain Lime Energy Co. officers and directors breached their fiduciary duties in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Northern District of Illinois the plaintiff alleges that Lime Energy Co. violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading financial information.
On July 17, 2012, Lime Energy Co. (NASDAQ:LIME) announced that on Sunday, July 15, 2012, the Audit Committee of the Board of Directors of Lime Energy Co. determined that its consolidated financial statements on Form 10-K for the periods ended December 31, 2010 and December 31, 2011 and quarterly report on Form 10-Q for the period ended March 31, 2012 (the “affected financial statements”) may no longer be relied upon.
The plaintiff alleges that that Lime Energy improperly recognized revenue on non-existent revenue, and in other cases, improperly recorded revenue earlier than the Lime Energy Co. should have.
Shares of Lime Energy Co. (NASDAQ:LIME) dropped from $2.03 per share on July 16, 2012 to as low as $0.89 per share on August 21, 2012.
Those who purchased shares of Lime Energy Co. (NASDAQ:LIME), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego