This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Wolf Haldenstein Adler Freeman & Herz LLP Commences Class Action Lawsuit On Behalf Of Linn Energy LLC Investors

Wolf Haldenstein Adler Freeman & Herz LLP today filed a class action lawsuit in the United States District Court, Southern District of Texas, on behalf of all persons who purchased master limited partnership units of Linn Energy LLC (“Linn” or the “Company”) [NASDAQ:LINE] between February 24, 2011 and July 1, 2013, inclusive (the “Class Period”), against the Company and certain of the Company’s officers and directors, alleging securities fraud pursuant to Sections 10(b) and 20(a) of the Exchange Act [15 U.S.C. §§ 78j(b) and 78t(a)] and Rule 10b-5 promulgated thereunder by the SEC [17 C.F.R. § 240.10b-5] (the “Class”).

The case name is Catherine A. Fisher Trustee U/A DTD May 29, 1993 Catherine A. Fisher Trust v. Linn Energy LLC, et al., Civil Action No. 13-cv-02125. A copy of the complaint filed in this action is available from the Court, or can be viewed on the Wolf Haldenstein Adler Freeman & Herz LLP website at www.whafh.com.

The Complaint alleges that during the Class Period, the Company issued materially misleading statements and omissions in its press releases, Securities and Exchange Commission (“SEC”) filings and other public statements, which were endorsed and approved by the Company’s Chief Executive Officer Mark E. Ellis, Chief Financial Officer Kolja Rockov and Chief Accounting Officer David B. Rottino. The complaint explains how Linn enticed investors into purchasing the Company’s units through its use of non-Generally Accepted Accounting Principles (“GAAP”) accounting measures and concealment of material information concerning the effect of the Company’s actual capital expenditures and derivative investment costs on its distributable cash flow. As the Complaint alleges, the Company’s use of non-GAAP measures enabled it to entice investors with its unduly high and unsustainable distributable cash flow.

On June 4, 2013, the Company filed a Form S-4/A with the SEC in connection with its proposed acquisition of Berry Petroleum Company (“Berry”). Buried within this filing, the Company disclosed for the first time some of the actual costs associated with its derivative hedging strategy. This previously undisclosed information confirmed earlier reports by Barron’s that the Company was overstating its distributable cash flow figures and had been misleading investors.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,705.19 -40.79 -0.23%
S&P 500 2,108.63 +0.06 0.00%
NASDAQ 5,128.7850 +17.0520 0.33%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs