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") (NAS: 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 provides 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
270 Madison Avenue
New York, New York 10016
KEYWORDS: United States North America New York
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