The law firm of Wohl & Fruchter LLP has filed a class action lawsuit against LinnCo, LLC (LinnCo) (NASDAQ: LNCO), certain of LinnCo’s officers and directors, and the underwriters involved in LinnCo’s initial public offering (IPO) on October 12, 2012. The class action was filed in the United States District Court, Southern District of New York (13-cv-4790) on behalf of investors who purchased LNCO shares in or traceable to LinnCo’s IPO on October 12, 2012, through July 1, 2013, both dates inclusive (the “Class Period”), and seeks damages pursuant to Sections 11 and 15 of the Securities Act of 1933 for defendants’ false and misleading statements in the Registration Statement and Prospectus filed with the SEC for the IPO.
If you are a shareholder who purchased LNCO shares during the Class Period and wish to serve as a lead plaintiff, you have until September 9, 2013 to seek appointment by the Court as lead plaintiff for the class. To discuss the case or learn more about becoming a lead plaintiff, please contact J. Elazar Fruchter at firstname.lastname@example.org, or call us toll free at 866.582.8140. A copy of the complaint filed by Wohl & Fruchter can be obtained at: http://www.wohlfruchter.com/cases/lnco.
As alleged in the complaint, LinnCo is a Delaware limited liability company whose sole purpose is to own units representing limited liability company interests (“units”) in Linn Energy, LLC (“Linn”), an independent natural gas exploration and production company whose units trade on NASDAQ under the symbol “LINE.”
On October 12, 2012, LinnCo filed its Prospectus for the IPO. Including the underwriters’ exercise of their over-allotment option, 34,787,500 shares of LinnCo were sold pursuant to the IPO at a price of $36.50 per share, raising approximately $1.2 billion in net proceeds for the Company after underwriting discounts, commissions, and fees. LinnCo used the net proceeds from the IPO to acquire units in Linn equal to the number of shares sold in the IPO.