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
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.
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.
The complaint alleges that, during the Class Period, 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.
When the calculation of these financial metrics, and, consequently, the true risks associated with the Company’s ability to continue to issue stable or increasing distributions, became known to the marketplace, the price of Linn Energy units declined significantly. On July 1, 2013 the Company disclosed that the Securities and Exchange Commission opened an informal inquiry into the Company’s use of non-GAAP measures and hedging strategy. On this news, the price of Linn Energy units dropped $6.24 per unit, to close at $27.05 per unit on July 2, 2013. On July 3, 2013, the price of Linn Energy units declined an additional $4.26 per unit, to close at $22.79 per unit.