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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders With Losses On Their Investment In Linn Energy, LLC Of Class Action Lawsuit And Upcoming Deadline - LINE

Stocks in this article: LINE

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, 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.  As a result of this news, Linn units declined $1.97 per unit or more than 5%, to close at $33.75 per unit on May 6, 2013.

On July 1, 2013, the Company disclosed that the SEC opened an informal inquiry in connection with the Company's use of non-GAAP financial measures, its hedging strategies, and its acquisition of Berry Petroleum Company jointly with its affiliate, LinnCo, LLC.  On this news, Linn shares declined $10.50 per unit or 31.5% within two trading sessions, to close at $22.79 per unit on July 3, 2013.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT: Robert S. Willoughby Pomerantz Grossman Hufford Dahlstrom & Gross LLP rswilloughby@pomlaw.com

 

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