|[September 26, 2013]
Wolf Haldenstein Announces Investigation of L&L Energy, Inc.
NEW YORK --(Business Wire)--
The law firm of Wolf Haldenstein Adler Freeman & Herz LLP announces that
it is investigating potential federal securities claims against L&L
Energy, Inc. ("L&L Energy" or the "Company") (NASDAQ:LLEN) and certain
of its officers and directors in connection with allegations that the
Company made materially false and misleading statements regarding its
revenue accounting practices.
In particular, the Company allegedly misrepresented or failed to
disclose that (1) it improperly accounted for substantial revenue from
otherwise defunct operations; (2) it claimed acquisitions and
divestitures of various properties through swap transactions that never,
in fact, occurred; (3) it lacked adequate internal and financial
controls; and (4) as a result of the foregoing, the Company's financial
results were materially false and misleading at all relevant times.
According to a Seeking Alpha article published on September 19,
2013, GeoInvesting, a company that provide research and analysis on
United States listed Asian companies, is preparing to file a
whistleblower report with NASDAQ and the Securities and Exchange
Commission alleging that L&L Energy has been "defrauding investors by
booking substantial revenue from operations that have been idle for
quite some time." Specifically, the Company's purported acquisitions and
divestitures were no more than "a bait and switch shell game," based on
"swap transactions that never occurred," through an exchange of assets
that L&L Energy never owned.
On this news, the Company's stock price fell $0.80 per share or more
than 38%, to close at $1.27 on September 19, 2013.
Wolf Haldenstein has been representing individual and institutional
investors for many years, serving as lead counsel in numerous cases in
United States federal and state courts. Please visit the Wolf
Haldenstein website (http://www.whafh.com)
for more information about the firm.
Please contact us no later than November 22, 2013 if you own L&L
Energy common stock and wish to discuss this matter with us, or have any
questions concerning your rights and interests:
Gregory M. Nespole
Wolf Haldenstein Adler Freeman & Herz LLP
New York, New York 10016
Phone (News - Alert) Numbers:
or firstname.lastname@example.org and please
reference "L&L Investigation."
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