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Finkelstein Thompson LLP Announces Investigation Of Lime Energy Co.

Stocks in this article: LIME

The law firm Finkelstein Thompson LLP is investigating potential claims on behalf of shareholders of Lime Energy Co. (“Lime” or the “Company”) (NASDAQ: LIME). If you are interested in discussing your rights as a Lime shareholder, or have information relating to this investigation, please contact Finkelstein Thompson's Washington, DC offices at (877) 337-1050 or by email at contact@finkelsteinthompson.com.

On Tuesday, July 17, Lime announced that its yearly financial statements for 2010 and 2011 and its financial statements for the first quarter of 2012 could no longer be relied upon, and will likely have to be restated.

An internal review by the Company determined that “some portion of the Company’s revenue was improperly recorded. 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.” Lime stated that its revenue figured may need to be adjusted by up to $15 million.

Following the announcement, Lime’s stock opened trading at $0.83 per share, down 59% from the previous day’s close. Lime’s shares closed at $1.11, down 45% from the previous day.

Finkelstein Thompson LLP has spent over three decades delivering outstanding representation to institutional and individual clients in financial litigation, and has been appointed as lead or co-lead counsel in dozens of shareholder class actions. Indeed, the firm has served in leadership roles in cases that have recovered over $1 billion for investors and consumers. To learn more about Finkelstein Thompson LLP, please visit our web site at www.finkelsteinthompson.com. Attorney advertising. Prior results do not guarantee similar outcomes.



Copyright Business Wire 2010

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