Proposed Settlement Reached in Class Action Involving Lime Energy Company Securities

CHICAGO, Feb. 12, 2014 /PRNewswire-USNewswire/ -- The following is being released by the law firm of Pomerantz LLP in Satterfield v. Lime Energy Co., No. 1:12-cv-05704 (N.D. Ill).

SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION, MOTION FOR ATTORNEYS' FEES AND EXPENSES, AND FINAL APPROVAL HEARING

To: All persons and entities that purchased or otherwise acquired Lime Energy Co. ("Lime") securities (stock symbol: LIME) during the period from May 14, 2008 through December 27, 2012, both dates inclusive (the "class period").

Excluded from the Class are Defendants, all current and former directors and officers of Lime during the Class Period, members of their families and their legal representatives, heirs, successors or assigns and any entity in which Defendants have or had a controlling interest.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Northern District of Illinois, that a settlement of the above-captioned class action has been proposed.  A hearing will be held on May 13, 2014, at 12:30 p.m., before the Honorable Sara L. Ellis, United States District Judge, at the courthouse for the United States District Court, Northern District of Illinois, Everett McKinley Dirksen United States Courthouse, Courtroom 1719, 219 South Dearborn Street, Chicago, Illinois 60604, for the purpose of determining, among other things: (1) whether a Settlement Class should be certified for purposes of the Settlement and whether Class Plaintiffs and their counsel have adequately represented the Class Members; (2) whether the proposed Settlement of the Class's claims against the Defendants for $2,500,000.00 should be approved as fair, reasonable and adequate; (3) whether the proposed Plan of Allocation is fair, just, reasonable, and adequate; (4) whether the Court should permanently enjoin the assertion of any claims that arise from or relate to the subject matter of the Action; (5) whether the Action should be dismissed with prejudice against the Defendants as set forth in the Stipulation of Settlement filed with the Court; (6) whether the application by Lead Counsel for an award of attorneys' fees and expenses should be approved; and (7) whether the Lead Plaintiffs' application for reimbursement of costs and expenses should be granted.

If you purchased or otherwise acquired Lime Securities between May 14, 2008, and December 27, 2012, both dates inclusive, your rights may be affected by this Action and the Settlement thereof.  If you have not received the detailed Notice Of Proposed Settlement Of Class Action, Motion For Attorneys' Fees And Expenses, And Final Approval Hearing (the "Notice") and Proof of Claim and Release Form, you may obtain them free of charge by contacting the Claims Administrator, by mail at: Satterfield v. Lime Energy Co., c/o Rust Consulting, Inc., P. O. Box 8095, Faribault, MN 55021- 9495; by telephone at: 1-877-872-3809; or by visiting the Settlement website www.LimeEnergySettlement.com.

If you are a member of the Class and wish to share in the Settlement money, you must submit a Proof of Claim no later than June 12, 2014 establishing that you are entitled to recovery.  As further described in the Notice, you will be bound by any judgment entered in the Action, regardless of whether you submit a Proof of Claim, unless you exclude yourself from the Class in accordance with the procedures set forth in the Notice by no later than April 29, 2014.  Any objections to the Settlement, Plan of Allocation or attorney's fees and expenses must be filed and served in accordance with the procedures set forth in the Notice no later than April 29, 2014.

Inquiries, other than requests for the Notice, may be made to Lead Counsel for the Class:

Leigh Handelman Smollar, Esq.
Pomerantz LLP
10 South La Salle Street, Ste. 3505
Chicago, IL 60603
[email protected]

INQUIRIES SHOULD NOT BE DIRECTED TO THE COURT, THE CLERK'S OFFICE, THE DEFENDANTS, OR DEFENDANTS' COUNSEL

DATED:  January 28, 2014                    BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS

SOURCE Rust Consulting