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The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that
class action litigation has been brought on behalf of all persons who purchased or otherwise acquired the units of Linn Energy, LLC (“Linn Energy” or the “Company”) (NasdaqGS: LINE) between February 25, 2010 and July 3, 2013, inclusive (the “Class Period”).
If you purchased or otherwise acquired the units of Linn Energy during the Class Period, you may move the Court for appointment as lead plaintiff by no later than September 9, 2013. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Linn Energy investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Linn Energy Securities Class Litigation
The complaint charges Linn Energy and certain of its officers with violations of the Securities Exchange Act of 1934. Linn Energy is an independent oil and natural gas development company that works to acquire, develop, and maximize cash flow from its portfolio of long-life oil and natural gas assets. Linn Energy became a publicly-traded entity in 2006, when it issued “units” representing its limited liability company interests.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements and failed to disclose material adverse facts about Linn Energy’s operations and business. Specifically, defendants fraudulently misrepresented the true risks associated with Linn Energy’s ability to continue to issue stable or increasing cash distributions. Defendants allegedly did so by disseminating key financial metrics to investors that deceptively excluded the cost of options the Company used to hedge against fluctuations in the price of oil and natural gas, but included the proceeds it received from the sale or exercise of such options.