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Lieff, Cabraser, Heimann & Bernstein, LLP reminds investors of the September 9, 2013 deadline to move for appointment as lead plaintiff in the
securities class litigation 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.
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.