Sept. 1, 2012
/PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Lime Energy Co. ("Lime" or the "Company") (NASDAQ: LIME).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company was improperly recording revenue; (2) as a result, the Company's revenue and financial results were overstated; (3) as such, the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles; and (4) the Company lacked adequate internal and financial controls.
July 17, 2012
, Lime announced the results of an Internal Preliminary Review on
July 15, 2012
. It was revealed that the Company's Audit Committee determined that Lime's consolidated financial statements on Form 10-K for the periods ended
December 31, 2010
December 31, 2011
and quarterly report on Form 10-Q for the period ended
March 31, 2012
may no longer be relied upon. The Company's announcement included the following statement:
"Based 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. The review did not turn up any indication of improper customer billing."
Lime stated that its revenue figures may need to be adjusted by up to
. On this news, the Company's share price collapsed by 44.83% on
July 17, 2012
Request more information now by clicking here: www.faruqilaw.com/LIME. There is no cost or obligation to you.
If you purchased Lime securities and would like to discuss your legal rights, visit
. You can also contact us by calling
toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to
Faruqi & Faruqi, LLP also encourages anyone with information regarding Lime's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.FARUQI & FARUQI, LLP369 Lexington Avenue, 10th Floor
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Telephone: (877) 247-4292 or (212) 983-9330