Newman Ferrara LLP announces that a class action lawsuit has been filed in the Unites States District Court, Southern District of New York against L&L Energy, Inc. (NASDAQ:LLEN) (“L & L” or the “Company”) and certain of its executive officers, alleging violations of federal securities laws.
Investors who purchased L & L securities between September 11, 2012 and September 18, 2013 (the “Class Period”) may apply with the Court to be appointed Lead Plaintiff no later than November 22, 2013. The Lead Plaintiff will direct the litigation on behalf of the other class members.
L&L is a coal-mining company that, through various subsidiaries, engages in mining, clean coal washing, coal coking, and coal wholesaling in China.
It is alleged that during the Class Period, L & L defendants issued materially false and misleading statements or failed to disclose material facts concerning operations at certain of the Company’s properties, that the Company has engaged in allegedly fraudulent swap transactions, improper accounting, and that its financial reporting was materially misleading.
On September 19, 2013, after an article was published by GeoInvesting, stating that it “is preparing to file a whistleblower report to the NASDAQ and SEC that will accuse L & L Energy of defrauding investors by booking substantial revenue from operations that have been idled for quite some time,” L & L shares fell $0.80 per share, or more than 38%, to a close at $1.27 per share.
Investors who purchased shares of L& L during the Class Period may contact Newman Ferrara partner Jeffrey M. Norton (
) by email or call (212) 619-5400 to discuss this lawsuit or the Lead Plaintiff process.
: Persons with knowledge that may aid in the investigation of this matter are encouraged to contact the firm. Under the Dodd-Frank Wall Street Reform Bill, whistleblowers are protected from employer retaliation and may be entitled to as much as 30 percent of the recovery if the information provided leads to a successful action.
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