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
, please contact attorney Gregory E. Del Gaizo at 800-350-6003, via email at
, or via the
shareholder information form
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