STEVENSON, Md., Sept. 24, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of L & L Energy, Inc. ("L & L Energy" or the "Company") (Nasdaq:LLEN) securities during the period between September 11, 2012 and September 18, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in L & L Energy, Inc. securities purchased on or after September 11, 2012, and held through the revelation of negative information on September 19, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than November 22, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company improperly accounted for substantial revenue from operations that were already shut down and that the Company claimed acquisitions and divestitures of various properties through swap transactions that never occurred through the exchange of assets it never owned. According to the complaint, following the September 19, 2013 publication of an article on Seeking Alpha that stated that the Company had been defrauding investors by booking substantial revenue from operations that have been idled for quite some time, that the Company's numerous acquisitions and divestitures have amounted to a "bait and switch shell game" by utilizing "swap transactions that never occurred," and that the actual revenue generated from the Company's Hong Xing coal washing factory was close to zero since the factory had been shut down since 2012, the value of L & L Energy shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
Stevenson, Maryland
410/415-6616
hoffman@browerpiven.com
