On July 17, 2012, the Company made an SEC filing on Form 8-K that made several stunning admissions. The Company’s SEC filing admitted, based upon the results of a partial internal review, that: (i) a portion of the Company’s revenue was improperly recorded – as a result of recording non-existent revenue and/or recording revenue earlier than it should have been recorded; and (ii) the Company’s previously issued financial statements on Form 10-K for the fiscal years ended December 31, 2010 and December 31, 2011, and its quarterly report on Form 10-Q for the period ended March 31, 2012, “may no longer be relied upon” and the misreporting may “require restatement of all of the affected financial statements.”The fact that Lime announced that it will restate its financial statements in effect during the Class Period, and informed investors that these financial statements should not be relied upon is an admission that they were materially false and misleading when originally issued. When the truth began to emerge with Lime’s July 17, 2012 Form 8-K disclosure, the Company’s stock price plummeted $0.91 from its prior trading day close of $2.03 to close on July 17, 2012 at $1.12—a stunning decline of over 44% on unusually heavy trading volume. If you purchased Lime Energy common stock during the Class Period, you may request that the Court appoint you as lead plaintiff by September 18, 2012. 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 Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has approximately 70 attorneys in various practice areas; and offices in Chicago, New York City, and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New York 10016, by telephone at (800) 575-0735 (Gregory M. Nespole, Esq., Robert B. Weintraub, Esq., or Derek Behnke), via e-mail at firstname.lastname@example.org or visit our website at www.whafh.com. All e-mail correspondence should make reference to Lime Energy.