NASDAQ:LINE Investor Alert: Lawsuit alleges misleading statements by Linn Energy LLC
The Shareholders Foundation announces that an investor, who purchased shares of Linn Energy LLC (NASDAQ:LINE) filed a lawsuit in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws by Linn Energy LLC in connection with certain allegedly false and misleading statements made between April 28, 2011 and July 1, 2013.
Houston, TX based Linn Energy, LLC is an independent oil and natural gas company.
Investors who purchased shares of Linn Energy LLC (NASDAQ:LINE) between April 28, 2011 and July 1, 2013 and / or those who purchased NASDAQ:LINE shares prior to April 2011 and currently hold any of those shares, have certain options and for certain investors are short and strict deadlines running. Deadline: September 9, 2013. NASDAQ:LINE investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Linn Energy LLC (NASDAQ:LINE) between April 28, 2011 and July 1, 2013, that Linn Energy LLC and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff alleges that Defendants made allegdly false and/or misleading statements and/or failed to disclose that Linn Energy LLC engaged in improper accounting for its hedging strategy, including the failure to properly treat certain hedging costs invested in derivatives as expenses, that Linn Energy LLC 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, that Linn Energy’s energy production was not increasing, despite its heavy capital expenditures, and that as a result of the foregoing, Linn Energy’s statements were materially false and misleading at all relevant times.
On July 1, 2013, LINN Energy, LLC (Nasdaq:LINE) and LinnCo, LLC (Nasdaq:LNCO) announced that they have been notified by the staff of the Securities and Exchange Commission ("SEC") that its Fort Worth Regional Office has commenced a private, non-public inquiry regarding LINN Energy and LinnCo. The SEC has requested the preservation of documents and communications that are potentially relevant to, among other things, LinnCo's proposed merger with Berry Petroleum Company, and LINN Energy and LinnCo's use of non-GAAP financial measures and hedging strategy.
Shares of Linn Energy LLC (NASDAQ:LINE) dropped from $33.29 per share on July 1, 2013 to $20.555 per share on July 5, 2013.
On July 19, 2013, NASDAQ:LINE shares closed at $27.99 per share.
Those who purchased shares of Linn Energy LLC (NASDAQ:LINE), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego