L&L Energy Inc (NASDAQ: LLEN) Investor Securities Class Action Lawsuit 09/23/2013

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Company Name(s): 
L&L Energy
Case Name: 
L&L Energy Shareholder Class Action Lawsuit 09/23/2013
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: LLEN
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
09/23/2013
Class Period Begin: 
08/13/2009
Class Period End: 
09/18/2013
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
11/22/2013
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 - All cases were consolidated.

December 23, 2013 - The lead plaintiff and lead counsel were appointed.

November 22, 2013 - Lead plaintiff motions were filed.

September 23, 2013 - An investor in shares of L&L Energy Inc (NASDAQ: LLEN) filed a lawsuit in the U.S. District Court for the Southern District of New York against L&L Energy Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between September 11, 2012 and September 18, 2013.

According to the complaint the plaintiff alleges, on behalf of all persons or entities who purchased or otherwise acquired securities of L&L Energy Inc (NASDAQ: LLEN) between September 11, 2012 and September 18, 2013, that L&L Energy Inc and certain of its officers and directors violated the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff alleges that the defendants between September 11, 2012 and September 18, 2013 made allegedly false and/or misleading statements and/or allegedly failed to disclose that L&L Energy Inc improperly accounted substantial revenue from operations that were already shut down, that L&L Energy Inc claimed acquisitions and divestitures of various properties through swap transactions that never occurred through the exchange of assets it never owned in the first place, that L&L Energy Inc lacked adequate internal and financial controls, and that as a result of the foregoing, L&L Energy Inc’s financial results were materially false and misleading at all relevant times.

L&L Energy Inc reported that its Total Revenue rose from $112.94 million for the 12 months period that ended on April 30, 2012 to $198.98 million for the 12 months period that ended on April 30, 2013, and that its respective Net Income increased from $14.25 million to $38.35 million.

Shares of L&L Energy Inc (NASDAQ: LLEN) grew from $1.38 per share in May 2012 to as high as $4.20 per share in May 2013.

Then on Sept. 19, 2013, an article was published that stated that “GeoInvesting is preparing to file a whistle blower 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.“ The same day L&L Energy Inc responded to the GeoInvesting allegations. L&L Energy Inc said that the Board of Directors of L&L Energy Inc is unaware of inaccuracy with respect to material facts or material omission contained in its filings with the United States Securities and Exchange Commission and that its CEO commented that “GeoInvesting has made false and misleading statements about the Company in the past, while admitting they were actively shorting our stock”.

Shares of L&L Energy Inc (NASDAQ: LLEN) declined from $2.22 per share on Sept. 18, 2013, to as low as $0.96 per share on Sept. 24, 2013.