LOS ANGELES, July 18, 2012 /PRNewswire/ -- The Lin Law Firm, A Professional Law Corporation, is investigating securities fraud claims against Lime Energy Co. ("Lime Energy" or the "Company") (Nasdaq: LIME) related to misrepresentations concerning its financial results between the time period of March 10, 2011 and July 16, 2012, inclusive.
On July 17, 2012, Lime Energy announced that the Audit Committee of its Board of Directors determined that the Company's consolidated financial statements on Form 10-K for the periods ended December 31, 2010 and December 31, 2011 and quarterly report on Form 10-Q for the period ended March 31, 2012 may no longer be relied upon because an internal review indicated that some of the Company's revenue was improperly recorded. According to the Company, in some cases, it appears that non-existent revenue may have been recorded; in other cases it appears that revenue may have been recorded earlier than it should have been.
Upon this disclosure, Lime Energy's share prices fell approximately 45% – from $2.03 per share on July 16, 2012, to $1.12 per share on July 17, 2012.
If you purchased Lime Energy shares between March 10, 2011 and July 16, 2012, and would like to learn more about this investigation or join a class action lawsuit, or if you have any questions concerning this announcement or your rights, please contact Elizabeth Lin, Esq., The Lin Law Firm, APLC, by telephone at (866) 864-3898 or (909) 595-5522, or by email to elizabethL@thelinlawfirm.com.The Lin Law Firm, A Professional Law Corporation, is a litigation law firm committed to representing investors nationwide in securities matters and protecting investors against corporate wrongdoing. For additional information, please visit www.thelinlawfirm.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.