L&L Energy Inc (NASDAQ: LLEN) Investor Securities Class Action Lawsuit 08/26/2011

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Company Name(s): 
L&L Energy
Case Name: 
L&L Energy Shareholder Class Action Lawsuit 08/26/2011
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: LLEN
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/26/2011
Class Period Begin: 
08/13/2009
Class Period End: 
09/18/2013
Court of Filing: 
U.S. District Court for the Western District of Washington
Deadline To File for Lead: 
10/25/2011
Date Settled: 
02/13/2015
Settlement Amount: 
$3,500,000
Deadline to Participate in Settlement: 
05/20/2015
Settlement Notice: 
Settlement Proof: 
Summary: 

September 8, 2016 - The court ordered the authorization of the distribution of the net settlement fund.

August 3, 2015 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

February 13, 2015 - The court preliminarily approved the settlement.

December 16, 2014 - Parties filed a stipulation of settlement.

June 24, 2014 - The case was consolidated with another case and a new case number was given.

May 30, 2014 - The court ordered the transfer of this case to the U.S. District Court for the Southern District of New York.

December 3, 2013 - The court denied defendants' motion to dismiss.

April 12, 2013 - Defendants filed a motion to dismiss.

February 4, 2013 - The lead plaintiff filed a third amended complaint.

December 3, 2012 - The court granted defendants' motion to dismiss with leave to amend.

April 23, 2012 - Defendants filed a motion to dismiss.

March 2, 2012 - The lead plaintiff filed a second amended complaint.

February 8, 2012 - The lead plaintiff filed an amended consolidated complaint.

December 15, 2011 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

October 25, 2011 - Lead plaintiff motions were filed.

August 26, 2011 - An investor in shares of L&L Energy Inc (NASDAQ: LLEN) filed a lawsuit in the U.S. District Court for the Western District of Washington against L&L Energy Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between August 13, 2009 and August 2, 2011.

According to the complaint the plaintiff alleges on behalf of investors who purchased the common stock of L&L Energy Inc (NASDAQ: LLEN) during the period from August 13, 2009 through August 2, 2011, that L&L Energy Inc and certain of its officers and directors violated federal securities laws by issuing materially false and misleading information about its internal controls and true business and financial condition.

L&L Energy Inc reported a substantial increase in its 12 months Total Revenue from $23.38 million reported on April 30, 2008 to $223.85 million reported on April 30, 2011. It reported that its Net Income over the same time frame rose from $0.97 million to $36.78 million.

Shares of L&L Energy Inc (NASDAQ: LLEN) traded during April 2010 as high as $14.01 per share.

Then on July 29, 2011 L&L Energy Inc amended its fiscal year 2010 10-K to disclose further internal control deficiencies within L&L Energy Inc. Then on Thursday, August 4, 2011, NASDAQ: LLEN fell, to as low as $3.49 after Glaucus Research Group on August 2, 2011 issued a report alleging that L&L Energy Inc had overstated its revenues, and net income. In addition, Glaucus Research Group said that Chinese state filings show that L&L Energy Inc does not own legal title to certain operating subsidiaries contrary to L&L Energy Inc's prior representations. Glaucus Research Group cited China state administrative filings in support of its allegations.

On August 5, 2011, L&L Energy Inc (NASDAQ: LLEN) issued a statement refuting the allegations made by Glaucus Research Group.

On August 19, 2011, L&L Energy Inc (NASDAQ: LLEN) stocks closed as low as $2.98 per share but increased to a close on Friday, August 26, 2011 of $3.42 per share.