NEW YORK, July 20, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Lime Energy Co. ("Lime" or the "Company") (NASDAQ: LIME).
On July 17, 2012, Lime announced the results of an Internal Preliminary Review on July 15, 2012. It was revealed that the Company's Audit Committee determined that Lime's consolidated financial statements on Form 10-K for the periods ended December 31, 2010 and December 31, 2011 and quarterly report on Form 10-Q for the period ended March 31, 2012 may no longer be relied upon. The Company's announcement included the following statement:
"Based on the results of that partial internal review, the Company's management and the Audit Committee believe that some portion of the Company's revenue was improperly recorded. In some cases, it appears that non-existent revenue may have been recorded. In other cases, it appears that revenue may have been recorded earlier than it should have been. The review did not turn up any indication of improper customer billing."
Lime stated that its revenue figures may need to be adjusted by up to $15 million. On this news, the Company's share price collapsed by 44.83% on July 17, 2012.
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If you purchased Lime securities and would like to discuss your legal rights, visit www.faruqilaw.com/LIME. You can also contact us by calling Juan Monteverde, Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com, firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Lime's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan Monteverde, Esq.
Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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