Lieff Cabraser Announces Class Action Litigation Against Linn Energy - LINE
SAN FRANCISCO--(BUSINESS WIRE)-- The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of all persons who purchased or otherwise acquired the units of Linn Energy, LLC ("Linn Energy" or the "Company") (NasdaqGS: LINE) between February 25, 2010 and July 3, 2013, inclusive (the "Class Period").
If you purchased or otherwise acquired the units of Linn Energy during the Class Period, you may move the Court for appointment as lead plaintiff by no later than September 9, 2013. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Linn Energy investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Linn Energy Securities Class Litigation
The complaint charges Linn Energy and certain of its officers with violations of the Securities Exchange Act of 1934. Linn Energy is an independent oil and natural gas development company that works to acquire, develop, and maximize cash flow from its portfolio of long-life oil and natural gas assets. Linn Energy became a publicly-traded entity in 2006, when it issued "units" representing its limited liability company interests.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements and failed to disclose material adverse facts about Linn Energy's operations and business. Specifically, defendants fraudulently misrepresented the true risks associated with Linn Energy's ability to continue to issue stable or increasing cash distributions. Defendants allegedly did so by disseminating key financial metrics to investors that deceptively excluded the cost of options the Company used to hedge against fluctuations in the price of oil and natural gas, but included the proceeds it received from the sale or exercise of such options.
When the calculation of these financial metrics, and, consequently, the true risks associated with the Company's ability to continue to issue stable or increasing distributions, became known to the marketplace, the price of Linn Energy units declined significantly. On July 1, 2013 the Company disclosed that the Securities and Exchange Commission opened an informal inquiry into the Company's use of non-GAAP measures and hedging strategy. On this news, the price of Linn Energy units dropped $6.24 per unit, or nearly 19%, to close at $27.05 per unit on July 2, 2013. The following day, the price of Linn Energy units declined an additional $4.26 per unit, or nearly 16%, to close at $22.79 per unit on July 3, 2013.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs' law firms in the nation. In compiling the list, the National Law Journal examined recent verdicts and settlements in addition to overall track records. Lieff Cabraser is one of only two plaintiffs' law firms in the United States to receive this honor for the last ten consecutive years.
For more information about Lieff Cabraser and the firm's representation of investors, please visit http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
For Media Inquiries Only:
Lieff Cabraser Heimann & Bernstein, LLP
Sharon M. Lee, 1-800-541-7358
KEYWORDS: United States North America California
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