On August 15, 2012, Wolf Haldenstein Adler Freeman & Herz LLP filed a class action lawsuit in the United States District Court, Northern District of Illinois, on behalf of all persons who purchased Lime Energy Co., Inc. common stock (“Lime Energy” or the “Company”) [NASDAQ:LIME] between May 14, 2010 and July 17, 2012, inclusive (the “Class Period”), against the Company and certain of the Company’s officers and directors, alleging securities fraud pursuant to Sections 10(b) and 20(a) of the Exchange Act [15 U.S.C. §§ 78j(b) and 78t(a)] and Rule 10b-5 promulgated thereunder by the SEC [17 C.F.R. § 240.10b-5] (the “Class”).
The case name is Galbraith v. Lime Energy Co., Inc., et al., Civil Action No. 12-cv-6465. A copy of the complaint filed in this action is available from the Court, or can be viewed on the Wolf Haldenstein Adler Freeman & Herz LLP website at www.whafh.com.
During the Class Period, Lime Energy issued materially false and misleading statements and omitted to state material facts that rendered their affirmative statements misleading as they related to the Company’s financial performance, business prospects, and financial condition. As a result of these materially false and misleading statements, the price of the Company’s securities was artificially inflated during the Class Period. As the truth of the Company’s materially false and misleading statements entered the market, the Company’s stock plummeted.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or material omissions, that were in effect throughout the Class Period, regarding the Company’s business, operational and accounting practices, by failing to disclose, among other things, that: (i) the Company’s financial statements during the Class Period did not accurately state the Company’s financial condition and operations, including that they did not accurately state the Company’s revenue and earnings; (ii) as a result, the Company’s financial results were not prepared in accordance with Generally Accepted Accounting Principles (“GAAP”); and (iii) the Company lacked adequate internal and financial controls.