Newman Ferrara LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of Illinois against Lime Energy Co. (“Lime Energy”) (NASDAQ: LIME) and certain of its executive officers, alleging violations of federal securities laws.
Investors who purchased Lime Energy securities between May 13, 2010 and July 17, 2012 (the “Class Period”) may apply with the Court to be appointed Lead Plaintiff no later than September 18, 2012. The Lead Plaintiff will direct the litigation on behalf of the other Class members. The Court will select the Lead Plaintiff from among applicants claiming the largest investment losses. You are not required to have sold your shares to serve as a Lead Plaintiff.
The lawsuit alleges that the defendants issued false and/or misleading statements, and failed to disclose material facts, related to Lime Energy’s financial condition. On July 17, 2012, Lime Energy announced that the Audit Committee of its Board of Directors determined that Lime Energy’s previously reported financial results for the fiscal years ended December 31, 2011 and December 31, 2012 and the quarterly period ended March 31, 2012 may no longer be relied upon. A partial internal review conducted by Lime Energy’s management uncovered that, “[i]n some cases, it appears that non-existent revenue may have been recorded” and in “other cases, it appears that revenue may have been recorded earlier than it should have been.” Following this announcement, Lime Energy’s common stock plummeted 59% in value to a trading price of $0.83 per share.
Investors who purchased shares of Lime Energy common stock during the Class Period and lost more than $100,000 are encouraged to contact Newman Ferrara attorney Roy Shimon (
) by email or call (212) 619-5400 to discuss this action or the Lead Plaintiff process.
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