Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Linn Energy, LLC
WAYNE, Pa., July 10, 2013 /PRNewswire/ -- Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/line) announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Texas on behalf of investors who purchased Linn Energy, LLC ("Linn" or the "Company") (NASDAQ: LINE) stock between April 28, 2011 and July 1, 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/line.
Linn is an independent natural gas exploration and production company. The Company develops and acquires various oil and gas properties in the United States.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) the Company engaged in improper accounting for its hedging strategy, including the failure to properly treat certain hedging costs invested in derivatives as expenses; (2) the Company was overstating the cash flow available for distribution to unit holders by improperly using non-GAAP financial measures to account for certain derivatives including put options on natural gas; (3) the Company's energy production was not increasing, despite its heavy capital expenditures; and (4) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
Through a series of articles, Barron's described the Company as "the country's most overpriced large energy producer" for using non Generally Accepted Accounting Principles ("GAAP") accounting to mask considerable weakness in its distributable cash flows, calling into question the sustainability of its dividend. Further, Barron's questioned the Company's accounting for its derivative contracts by, for example, excluding the cost of its puts from its cash flow, while including the gains. As a result of this news, Linn units declined $1.97 per unit or more than 5%, to close at $33.75 per unit on May 6, 2013.
If you are a member of the class, you may, no later than September 9, 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/line 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.
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