Ryan & Maniskas, LLP Announces Class Action Lawsuit Against L & L Energy, Inc.
WAYNE, Pa., Oct. 3, 2013 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of L & L Energy, Inc. ("L & L Energy" or the "Company") (NASDAQ: LLEN) common stock between September 11, 2012 and September 18, 2013, inclusive (the "Class Period").
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/llen.
The complaint charges the Company and certain of its officers and directors with violations of the Securities Exchange Act of 1934. L&L Energy, through its subsidiaries, engages in the production, processing and sale of coal in the People's Republic of China.
The Complaint alleges that the Company issued false and/or misleading statements and failed to disclose material facts concerning the Company's business, operations and financial performance. Specifically, the Complaint alleges that the defendants misrepresented or failed to disclose that: (1) the Company improperly accounted for substantial revenue from operations that were already shut down; (2) the Company claimed acquisitions and divestitures of various properties through swap transactions that never occurred through the exchange of assets it actually never owned; (3) the Company lacked adequate internal and financial controls; and (4), as a result of the foregoing, L&L Energy's financial results were materially false and misleading at all relevant times.
On September 19, 2013, in an article by GeoInvesting published on the Seeking Alpha website, GeoInvesting alleged that the Company has been "booking substantial revenue from operations that have been idled for quite some time," that numerous acquisitions and divestitures by the Company have amounted to a "bait and switch shell game" by utilizing swap transactions that never occurred," and that reported revenue of $77.6 million generated from the Company's Hong Xing coal washing factory "was actually close to zero, if it is not actually zero."
Following this news, the price of L&L Energy shares dropped $0.80 per share, or more than 38%, to a closing price of $1.27 per share on September 19, 2013, on extremely heavy volume of more than 18 million shares traded.
If you are a member of the class, you may, no later than November 22, 2013, request that the Court appoint you as lead plaintiff of the class. 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 Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/llen or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at email@example.com. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE Ryan & Maniskas, LLP