This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The Five Dumbest Things on Wall Street This Week: July 20

3. Lime Gets Squeezed

Forget the track and field events at the Olympics later this month, the really fast movers are the lawyers chasing class action suits over Lime Energy's (LIME - Get Report) "non-existent revenue" problem.

The Huntersville, N.C.-based clean energy services provider came clean on Tuesday when it said it misreported revenue on its financial statements during the past two years. Lime's audit committee came to the conclusion "that non-existent revenue may have been recorded" based on the results of a "partial internal review" conducted by the company's management. Shares of Lime fell almost 40% to $1.26 on news of the phantom sales and are now down 75% in the past year.

Oh man. If that's what they came up with after a "partial" review, we can't wait to see what they come up with after they finish the job!

Of course, by that time the company may be finished as well considering how quickly the class-action lawyers jumped on the case.

Seriously, these guys filed cases against Lime faster than you can say Usain Bolt, let alone watch the Jamaican sprinter set a record for the 100 meter dash.

Faruqi & Faruqi, LLP. The Rosen Law Firm, P.A. The Law Offices of Todd M. Garber and a number of other class-action lawyers started wooing wronged Lime shareholders almost immediately after the news hit Tuesday. And the field is destined to get more crowded even though the payout -- if there is one -- will most likely be miniscule.

For those that may have forgotten, Lime Energy traded as high at $273 a share less than 10 years ago before ultimately crashing with the rest of the so-called green stocks. At the time, most serious investors said the stock's sky-high valuation made no sense. Now the best that some burnt shareholders can hope for is a few cents on the dollar.

So what's the lesson here?

The quest for Olympic gold comes every four years, but the fools racing for gold on Wall Street never stop running.
3 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
GDI $0.00 0.00%
HBC $0.00 0.00%
EDU $30.07 -0.30%
JPM $66.78 -0.15%
LIME $3.06 -2.90%


Chart of I:DJI
DOW 17,812.19 +19.51 0.11%
S&P 500 2,089.14 +2.55 0.12%
NASDAQ 5,102.8080 +0.33 0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs