A lawsuit was filed on behalf of investors in L&L Energy, Inc. (NASDAQ:LLEN) shares over alleged securities laws violations. Deadline: November 22, 2013. NASDAQ:LLEN investors should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 09/30/2013 -- An investor, who purchased shares of L&L Energy, Inc. (NASDAQ:LLEN), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by L&L Energy, Inc. in connection with certain allegedly false and misleading statements made between September 11, 2012 and September 18, 2013.
Investors who purchased a significant amount of shares of L&L Energy, Inc. (NASDAQ:LLEN) between September 11, 2012 and September 18, 2013 have certain options and for certain investors are short and strict deadlines running. Deadline: November 22, 2013. NASDAQ:LLEN investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges, on behalf of all persons or entities who purchased or otherwise acquired securities of L&L Energy, Inc. (NASDAQ:LLEN) between September 11, 2012 and September 18, 2013, that L&L Energy, Inc. and certain of its officers and directors violated the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff alleges that the defendants between September 11, 2012 and September 18, 2013 made allegedly false and/or misleading statements and/or allegedly failed to disclose that L&L Energy, Inc. improperly accounted substantial revenue from operations that were already shut down, that L&L Energy, Inc. claimed acquisitions and divestitures of various properties through swap transactions that never occurred through the exchange of assets it never owned in the first place, that L&L Energy, Inc. lacked adequate internal and financial controls, and that as a result of the foregoing, L&L Energy’s financial results were materially false and misleading at all relevant times.
L&L Energy, Inc. reported that its Total Revenue rose from $112.94 million for the 12 months period that ended on April 30, 2012 to $198.98 million for the 12 months period that ended on April 30, 2013, and that its respective Net Income increased from $14.25 million to $38.35 million.
Shares of L&L Energy, Inc. (NASDAQ:LLEN) grew from $1.38 per share in May 2012 to as high as $4.20 per share in May 2013.
Then on Sept. 19, 2013, an article was published that stated that “GeoInvesting is preparing to file a whistleblower report to the NASDAQ and SEC that will accuse L&L Energy of defrauding investors by booking substantial revenue from operations that have been idled for quite some time.“ The same day L&L Energy, Inc responded to the GeoInvesting allegations. L&L Energy, Inc said that the Board of Directors of L&L Energy is unaware of inaccuracy with respect to material facts or material omission contained in its filings with the United States Securities and Exchange Commission and that its CEO commented that “GeoInvesting has made false and misleading statements about the Company in the past, while admitting they were actively shorting our stock”.
Shares of L&L Energy, Inc. (NASDAQ:LLEN) declined from $2.22 per share on Sept. 18, 2013, to as low as $0.96 per share on Sept. 24, 2103.
On Sept. 27, 2103, NASDAQ:LLEN shares closed at $1.32 per share.
Those who purchased shares of L&L Energy, Inc. (NASDAQ:LLEN), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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