This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Ryan & Maniskas, LLP Announces Class Action Lawsuit Against L & L Energy, Inc.

Stocks in this article: LLEN

WAYNE, Pa., Oct. 3, 2013 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of L & L Energy, Inc. ("L & L Energy" or the "Company") (NASDAQ: LLEN) common stock between September 11, 2012 and September 18, 2013, inclusive (the "Class Period").

(Logo: http://photos.prnewswire.com/prnh/20121112/MM11729LOGO )

For more information regarding this class action suit, please contact Ryan & Maniskas, LLP ( Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at rmaniskas@rmclasslaw.com or visit: www.rmclasslaw.com/cases/llen.  

The complaint charges the Company and certain of its officers and directors with violations of the Securities Exchange Act of 1934.  L&L Energy, through its subsidiaries, engages in the production, processing and sale of coal in the People's Republic of China.

The Complaint alleges that the Company issued false and/or misleading statements and failed to disclose material facts concerning the Company's business, operations and financial performance. Specifically, the Complaint alleges that the defendants misrepresented or failed to disclose that: (1) the Company improperly accounted for substantial revenue from operations that were already shut down; (2) the Company claimed acquisitions and divestitures of various properties through swap transactions that never occurred through the exchange of assets it actually never owned; (3) the Company lacked adequate internal and financial controls; and (4), as a result of the foregoing, L&L Energy's financial results were materially false and misleading at all relevant times.

On September 19, 2013, in an article by GeoInvesting published on the Seeking Alpha website, GeoInvesting alleged that the Company has been "booking substantial revenue from operations that have been idled for quite some time," that numerous acquisitions and divestitures by the Company have amounted to a "bait and switch shell game" by utilizing swap transactions that never occurred," and that reported revenue of $77.6 million generated from the Company's Hong Xing coal washing factory "was actually close to zero, if it is not actually zero."

Following this news, the price of L&L Energy shares dropped $0.80 per share, or more than 38%, to a closing price of $1.27 per share on September 19, 2013, on extremely heavy volume of more than 18 million shares traded.

If you are a member of the class, you may, no later than November 22, 2013, request that the Court appoint you as lead plaintiff of the class.  A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation.  In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Under certain circumstances, one or more class members may together serve as "lead plaintiff."  Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.  You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.

For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/llen or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at rmaniskas@rmclasslaw.com.  For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.

Ryan & Maniskas, LLP is a national shareholder litigation firm.  Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs