This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

Robbins Umeda LLP Announces The Filing Of A Class Action Suit Against Lime Energy Co.

Stocks in this article: LIME

Shareholder rights firm Robbins Umeda LLP announces the filing of a federal securities class action by an investor in the U.S. District Court for the Northern District of Illinois, Eastern Division, on behalf of purchasers of Lime Energy Co. (NASDAQ: LIME) ("Lime Energy" or the "Company") shares between May 13, 2010 and July 17, 2012 (the "Class Period").

The complaint alleges that Lime Energy and certain of its executive officers issued false or misleading statements concerning the Company's business, operations, and financial prospects. Specifically, it is alleged that defendants misrepresented or failed to disclose that: (i) the Company was improperly recording revenue; (ii) the Company's revenues and financial results were overstated; (iii) the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles; (iv) that the Company lacked adequate internal and financial controls; and (v) as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.

On July 17, 2012, Lime Energy issued a press release in which the Company stated: "[b]ased on the results of that partial internal review, the Company's management and the Audit Committee believe 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." As a result, the Company may need to restate up to $15 million of revenue. On this news, shares of Lime Energy stock fell $0.91 per share, or 45%, to close on July 17, 2012, at just $1.12 per share.

If you purchased or otherwise acquired Lime Energy stock during the Class Period and wish to serve as lead plaintiff, you must act no later than September 18, 2012. To discuss your shareholder rights, please contact attorney Gregory E. Del Gaizo at 800-350-6003, via email at info@robbinsumeda.com, or via the shareholder information form.

Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com.

Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/lime-energy-co/

Attorney Advertising. Past results do not guarantee a similar outcome.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,036.28 +61.97 0.37%
S&P 500 0.00 -2.75 -0.14%
NASDAQ 4,549.2260 -15.0680 -0.33%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs