The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of all persons who purchased or otherwise acquired the shares of LinnCo, LLC (“LinnCo” or the “Company”) (NasdaqGS: LNCO) in or traceable to LinnCo’s initial public offering (“IPO”) on October 12, 2012. If you purchased or otherwise acquired the shares of LinnCo in or traceable to the IPO, 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. LinnCo 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. Background on the LinnCo Securities Class Litigation The complaint charges LinnCo., certain of its officers and directors, and the underwriters of the IPO with violations of the Securities Act of 1933. According to the complaint, LinnCo is a Delaware limited liability company whose sole purpose is to own units representing limited liability company interests in Linn Energy, LLC (“Linn Energy”), an independent natural gas exploration and production company whose units trade on NASDAQ under the symbol “LINE.” The complaint alleges that the Registration Statement issued in connection with the IPO was false and misleading and failed to disclose material adverse facts concerning LinnCo’s business and financial condition. Specifically, the complaint alleges defendants issued false and/or misleading statements and failed to disclose to investors that Linn Energy was overstating the cash flow available for distribution to Linn Energy unitholders, such as LinnCo by, among other things, excluding the cost of certain hedging transactions from its calculation of “Adjusted EBITDA,” a metric highlighted as important in the IPO Prospectus.
On July 1, 2013, LinnCo and Linn Energy disclosed that the Securities and Exchange Commission had opened an informal inquiry into LinnCo’s proposed merger with Berry Petroleum Co., as well as LinnCo’s and Linn Energy’s hedging strategies and use of non-GAAP financial measures. Following this news, the price of LinnCo shares fell $10.12 per share, or 27.3%, within two trading sessions, to close at $26.95 per share on July 3, 2013.About Lieff Cabraser Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. In compiling the list, the National Law Journal examined recent verdicts and settlements in addition to overall track records. Lieff Cabraser is one of only two plaintiffs’ law firms in the United States to receive this honor for the last ten consecutive years. For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.