L&L Energy, Inc. Under Investor Investigation Over Possible Violations Of Securities Laws

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Company Name(s): 
L&L Energy
Affected Securities: 
NASDAQ: LLEN

San Diego, Aug 05, 2011 (Shareholders Foundation) -- An investigation on behalf of investors in shares of L&L Energy, Inc. (NASDAQ: LLEN) over possible Violations of Securities Laws by L&L Energy Inc and others was announced.

The investigation by a law firm focuses on possible L&L Energy shareholder claims based on potential violations of the federal securities laws. Specifically the investigation concerns whether L&L Energy, Inc. or others may have violated securities laws by issuing a series of statements regarding its business, its prospects and its operations that were materially false and misleading at the time they were made.

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

Shares of L&L Energy, Inc. traded during April 2010 as high as $14.01 per share.

However NASDAQ: LLEN fell on Thursday, August 4, 2011, to as low as $3.49 after Glaucus Research Group on August 2, 2011 issued a report alleging that L & L Energy had overstated its revenues, and net income. In addition, Glaucus Research Group said that Chinese state filings show that L & L Energy does not own legal title to certain operating subsidiaries contrary to L & L Energy'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.