Robbins Arroyo LLP Announces an Investigation of Lime Energy Co. on behalf of Lime Energy Shareholders

Robbins Arroyo LLP Announces an Investigation of Lime Energy Co. on behalf of
                           Lime Energy Shareholders

PR Newswire

SAN DIEGO and HUNTERSVILLE, N.C., Jan. 8, 2013

SAN DIEGO and HUNTERSVILLE, N.C., Jan. 8, 2013 /PRNewswire/ --Shareholder
rights firm Robbins Arroyo LLP is investigating possible breaches of fiduciary
duty and other violations of the law by certain officers and directors of Lime
Energy Co. (NASDAQ: LIME).

(Logo: http://photos.prnewswire.com/prnh/20130103/MM36754LOGO)

Robbins Arroyo LLP is investigating whether officers and directors of Lime
Energy breached their fiduciary duties to shareholders by permitting and
failing to correct insufficient controls and improper procedures that led to
the disclosure of false and/or misleading statements.

On July 17, 2012, Lime Energy issued a press release stating that an internal
investigation revealed that revenue had been improperly recorded. As a
result, the company announced that it expected to restate its financial
statements for the years 2010, 2011, and for the quarterly period ended March
31, 2012. Following the July 17 announcement, Lime Energy stock declined 45%,
or $0.91 per share, to close at $1.12.

Then, on December 27, 2012, Lime Energy announced that the Audit Committee of
the board of directors of the company determined that the company's
consolidated financial statements on Form 10-K for the years ended December
31, 2008 and 2009 were also unreliable, and thus also have to be restated. As
these facts continue to emerge, Lime Energy will be the focus of increasing
public and legal scrutiny, while deficient internal controls will continue to
threaten the company's business prospects.

Robbins Arroyo LLP highlights that Lime Energy shareholders have the option to
pursue a shareholder derivative action through which shareholders aim to hold
insider wrongdoers accountable for their actions, prevent future misconduct,
and bring long-term value back to the company. Concerned shareholders who
would like more information about their rights and potential remedies can
contact attorney Darnell R. Donahue at (800) 350-6003,
DDonahue@robbinsarroyo.com, or via the shareholder information form on the
firm's website.

Robbins Arroyo LLP is a nationally recognized leader in securities litigation
and shareholder rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested. For more information, please
go to http://www.robbinsarroyo.com. 

Press release link:
http://www.robbinsarroyo.com/shareholders-rights-blog/lime-energy-co/

Attorney Advertising.Past results do not guarantee a similar outcome.

Contact:
Darnell R. Donahue
Robbins Arroyo LLP
DDonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com

SOURCE Robbins Arroyo LLP

Website: http://www.robbinsarroyo.com
 
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