WASHINGTON--(EON: Enhanced Online News)--Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether L&L Energy, Inc. (“L&L” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
“defraud[ing] investors by booking substantial revenue from operations that have been idled for quite some time.”
A class action lawsuit was filed in the U.S. District Court for the Southern District of New York by another law firm on behalf of purchasers of the common stock of L&L Energy, Inc. (NASDAQ: LLEN) between September 11, 2012 and September 18, 2013, inclusive (the “Class Period”).
The complaint alleges that L&L and certain of its officers and directors (“Defendants”) misrepresented and/or failed to disclose that: (1) the Company improperly recognized substantial revenue from operations that were already shut down; (2) the Company claimed acquisitions and divestitures of various properties through swap transactions that never occurred, or through the exchange of assets it did not own; (3) the Company lacked adequate internal and financial controls; and (4) that, as a result of the foregoing, the Company's financial results were materially false and misleading.
The claims in the proposed class action against the Company arise from allegations made in a September 18, 2013 report issued by GeoInvesting in which it accused the Company of “defraud[ing] investors by booking substantial revenue from operations that have been idled for quite some time.” That report further stated:
GeoInvesting also believes that LLEN’s string of acquisitions and divestitures of various properties over the last few years amounts to a bait and switch shell game where it claimed to come into possession of assets through swap transactions that never occurred through the exchange of assets it never owned in the first place. Most notably, we will show that revenue of $77.6 million disclosed in LLEN’s 2013 10K, generated from its Hong Xing coal washing factory, was actually close to zero, if it is not actually zero.
The Company denied any wrongdoing; however, on September 20, the Company reported that a special committee was convened to investigate allegations against the Company.
Cohen Milstein encourages all investors who purchased L&L common stock between September 11, 2012 and September 18, 2013 or former employees with information concerning this matter to contact the firm.
If you are an L&L shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at firstname.lastname@example.org. If you wish to serve as lead plaintiff, you must move the Court no later than November 22, 2013 to request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may retain Cohen Milstein Sellers & Toll PLLC or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein Sellers & Toll PLLC has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Chicago, Philadelphia and Palm Beach Gardens, and is active in major litigation pending in federal and state courts throughout the nation.
The firm’s reputation for excellence has repeatedly been recognized by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen Milstein Sellers & Toll PLLC has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over one billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
West Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: email@example.com; firstname.lastname@example.org