Faruqi & Faruqi, LLP Appointed Sole Lead Counsel in L & L Energy, Inc. Class Action Lawsuit
On December 23, 2013, Faruqi & Faruqi, LLP, a leading national securities law firm, was appointed sole lead counsel in Buker v. L&L Energy, Inc., a class action alleging securities fraud at L & L Energy, Inc. (“L & L Energy” or the “Company”) (NasdaqGS: LLEN).
A complaint has been filed on behalf of all persons who purchased or otherwise acquired L & L Energy securities between September 11, 2012 and September 18, 2013 (the “Class Period”) in the Southern District of New York.
The action focuses on whether the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and financial performance.
Specifically, the action focuses on whether L & L Energy made false and/or misleading statements and/or failed to disclose that: (i) the Company claimed acquisitions and divestitures of various properties through fraudulent swap transactions; (ii) the Company improperly accounted for a substantial amount of revenue from operations that had previously been closed; and (iii) the Company did not have adequate internal and financial controls throughout the Class Period.
On September 19, 2013, the SeekingAlpha website published a report by GeoInvesting, a company that provides research and analysis on U.S.-listed Chinese companies. The report claimed that L & L Energy defrauded investors and disclosed that GeoInvesting is planning to file a whistleblower report with the NASDAQ and the SEC informing them of these findings.
On this news, L & L Energy’s stock plummeted more than 38% to close at $1.27 per share on September 19, 2013.
If you purchased L & L Energy stock or options between August 3, 2011 and September 18, 2013 and would like to discuss your legal rights, you can contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding L & L Energy’s conduct to contact the firm, including whistleblowers, former employees, shareholders, and others.