The law firm of Kantrowitz, Goldhamer & Graifman, P.C., announced today that it was retained to file a class action lawsuit on behalf of purchasers of Linn Energy, LLC (“Linn” or the “Company”) (NASDAQ: LINE) common stock concerning possible violations of federal securities laws. Linn is an independent oil and natural gas company that engages in the acquisition and development of oil and natural gas properties.
Through a series of articles, Barron's described the Company as “the country's most overpriced large energy producer,” for using non Generally Accepted Accounting Principles ("GAAP") accounting to mask considerable weakness in its distributable cash flows and calling into question the sustainability of its dividend. Further, Barron’s questioned the Company’s accounting for its derivative contracts by, for example, excluding the cost of its puts from its cash flow, while including the gains.
Then, on July 1, 2013, Linn disclosed that the Securities and Exchange Commission commenced an informal investigation in connection with the Company's hedging strategies, use of non-GAAP financial measures, and that the Commission was looking into its pending acquisition of Berry Petroleum Company. Upon this news, shares of Linn stock fell to their lowest price in three years by Friday July 5, 2013, from a close of $33.29 per share on July 1, 2013, to a low of $21.23 early Friday, on heavy trading volume.
If you own common shares of Linn and would like to discuss this action,
or if you have any questions concerning your legal rights or interests,
please contact: Gary S. Graifman, Esq., at Kantrowitz, Goldhamer &
Graifman, P.C., toll-free at 1-800-660-7843 or via email at
or by writing to Kantrowitz, Goldhamer & Graifman, 747 Chestnut Ridge
Road, Chestnut Ridge, New York 10977. The Kantrowitz, Goldhamer &
Graifman, P.C. firm has significant experience successfully prosecuting
complex securities fraud class actions on behalf of defrauded investors.
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