The law firm of Wohl & Fruchter LLP announces that it has commenced an investigation into financial reporting errors at Lime Energy Co. (Lime) (NASDAQ: LIME).
On July 17, 2012, Lime announced that its financial statements for 2010, 2011, and the first quarter of 2012, may need to be restated and should no longer be relied upon. Lime reported that non-existent revenue may have been recorded, and that other revenue may have been recorded prematurely.
On this news, Lime shares declined over 44% to close at $1.12 per share on July 17, 2012, representing a loss of more than $21 million in shareholder value.
Wohl & Fruchter’s investigation concerns whether officers and directors of Lime violated federal securities laws by misreporting the company’s revenues.Persons with relevant information, and Lime shareholders with questions about this investigation, are invited to contact our Firm by calling 866.582.8140. Additional information is available on our website at: http://www.wohlfruchter.com/cases/lime About Wohl & Fruchter Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners. This release may be deemed to constitute attorney advertising.