On July 1, 2013, LinnCo and Linn Energy disclosed that the Securities and Exchange Commission had opened an informal inquiry into LinnCo’s proposed merger with Berry Petroleum Co., as well as LinnCo’s and Linn Energy’s hedging strategies and use of non-GAAP financial measures. Following this news, the price of LinnCo shares fell $10.12 per share, or 27.3%, within two trading sessions, to close at $26.95 per share on July 3, 2013.
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