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Sept. 19, 2013 /PRNewswire/ -- L& L Energy, Inc. (NASDAQ: "LLEN") ("L&L" or the "Company"), a U.S.-based company with a track record of profitable energy (coal) operations in
China, today responded to the GeoInvesting allegations made on seekingalpha.com.
The Board of Directors of L&L Energy states that it is unaware of inaccuracy with respect to material facts or material omission contained in its filings with the United States Securities and Exchange Commission. The Company further believes GeoInvesting's report to be inaccurate and defamatory. GeoInvesting has disclosed its short position in L&L, and therefore stands to realize significant gains by releasing this report, anticipating the Company's share price to decline.
Dickson Lee, Chairman and CEO, commented, "GeoInvesting has made false and misleading statements about the Company in the past, while admitting they were actively shorting our stock. We were informed that there were unusually high put option activities yesterday which are set to expire tomorrow. GeoInvesting has made no attempt to reach out to L&L to discuss or verify any of these false allegations. We will exhaust our resources to respond and protect our shareholders, including exploring filing formal complaints with the appropriate regulatory bodies."
L&L's Independent Board Members are forming a special committee with counsel's guidance to fully investigate this allegation.
About L&L Energy, Inc.
L&L Energy, Inc. (NASDAQ: LLEN) ("L&L Energy" or "the Company") is an American company engaged in producing, processing and selling coal in
the People's Republic of China. Its vertically-integrated operations include mining, washing, wholesale, and distribution. The Company is incorporated in the
State of Nevada with its US corporate office located in Seattle, Washington. L&L Energy's
China headquarters is located in
Beijing with additional offices in Kunming and Guiyan. L&L Energy is a member of the American Coal Council, one of the country's largest coal trade associations representing the business interests of the American coal industry.
Caution Regarding Forward Looking Statements
The release contains statements related to the Company's future performance and is within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may involve uncertainties and actual results of the future events described in this release could differ materially. Other than as required under the securities laws, the Company does not assume a duty to update these forward looking statements.