LinnCoLawsuit.com - Milberg LLP Reminds Shareholders of Securities Class
Action against LinnCo, LLC
NEW YORK -- August 14, 2013
Milberg LLP announces that it has filed a class action against LinnCo, LLC
(“LinnCo”) (Nasdaq: LNCO), certain of LinnCo’s officers and directors, and the
underwriters involved in LinnCo’s initial public offering (IPO) on October 12,
2012. The class action was filed of behalf of investors who purchased LinnCo
shares in or traceable to LinnCo’s IPO on October 12, 2012 to July 1, 2013
(the “Class Period”), and seeks damages for defendants’ false and misleading
statements in the Registration Statement and Prospectus filed with the SEC for
Milberg LLP has created a website (http://www.linncolawsuit.com/) that seeks
to answer common questions about shareholder class actions.
As alleged in the complaint, LinnCo is a Delaware limited liability company
whose sole purpose is to own units representing limited liability company
interests (“units”) in Linn Energy, LLC (“Linn”), an independent natural gas
exploration and production company whose units trade on NASDAQ under the
Barron’s questioned Linn’s aggressive accounting practices in two articles.
Among other things, Barron’s criticized Linn for concealing considerable
weakness in its distributable cash flows, thus calling into question the
sustainability of its dividend. Barron’s questioned Linn’s accounting for its
derivative contracts by excluding the cost of its puts from its cash flow,
while including the gains.
On July 1, 2013, Linn and LinnCo disclosed that the SEC had opened an informal
inquiry into LinnCo’s proposed merger with Berry, and Linn and LinnCo’s
hedging strategies and use of non-GAAP financial measures (the same accounting
issues for which Linn and LinnCo had been criticized by Barron’s).
On this news, LinnCo shares dropped $10.12 per share, or 27.3%, within two
trading sessions, to close at $26.95 per share on July 3, 2013.
If you purchased LinnCo shares between October 12, 2012, to July 1, 2013, you
may, no later than September 9, 2013, request that the Court appoint you lead
plaintiff. A lead plaintiff is a class member that directs the litigation.
Your share in any recovery will not be affected by serving as a lead
plaintiff. You do not need to be a lead plaintiff to recover. You may retain
Milberg LLP, or other attorneys, for this action, but do not need to retain
counsel to recover. If this action is certified as a class action, class
members will be automatically represented by Court-appointed counsel.
If you wish to discuss this matter with us, please contact the following
Jessica Sleater, Esq.
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: 800-320-5081
Milberg LLP has represented individual and institutional investors for over
four decades and serves as lead counsel in Courts throughout the United
States. Visit the Milberg website (www.milberg.com) for more information about
Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.
Jessica Sleater, Esq., 800-320-5081
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