Newman Ferrara LLP announces that a class action lawsuit has been filed
in the Unites States District Court, Southern District of New York
against L&L Energy, Inc. (NASDAQ:LLEN) (“L & L” or the “Company”) and
certain of its executive officers, alleging violations of federal
securities laws.
Investors who purchased L & L securities between September 11, 2012 and
September 18, 2013 (the “Class Period”) may apply with the Court to be
appointed Lead Plaintiff no later than November 22, 2013. The Lead
Plaintiff will direct the litigation on behalf of the other class
members.
L&L is a coal-mining company that, through various subsidiaries, engages
in mining, clean coal washing, coal coking, and coal wholesaling in
China.
It is alleged that during the Class Period, L & L defendants issued
materially false and misleading statements or failed to disclose
material facts concerning operations at certain of the Company’s
properties, that the Company has engaged in allegedly fraudulent swap
transactions, improper accounting, and that its financial reporting was
materially misleading.
On September 19, 2013, after an article was published by GeoInvesting,
stating that it “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,” L & L shares fell $0.80 per share, or more than 38%,
to a close at $1.27 per share.
Investors who purchased shares of L& L during the Class Period may
contact Newman Ferrara partner Jeffrey M. Norton (jnorton@nfllp.com)
by email or call (212) 619-5400 to discuss this lawsuit or the Lead
Plaintiff process.
Whistleblowers: Persons with knowledge that may aid in the
investigation of this matter are encouraged to contact the firm. Under
the Dodd-Frank Wall Street Reform Bill, whistleblowers are protected
from employer retaliation and may be entitled to as much as 30 percent
of the recovery if the information provided leads to a successful action.
Newman Ferrara maintains a multifaceted practice based in New York City
with attorneys specializing in complex commercial and multi-party
litigation, securities fraud and shareholder litigation, consumer
protection, civil rights, and real estate. For more information, please
visit the firm website at www.nfllp.com.
Copyright Business Wire 2013