Lieff Cabraser Reminds LinnCo Investors of Upcoming Deadline in Class Action
Lawsuit – LNCO
SAN FRANCISCO -- August 14, 2013
Lieff, Cabraser, Heimann & Bernstein, LLP reminds investors of the September
9, 2013 deadline to move for appointment as lead plaintiff in the securities
class litigation brought on behalf of all persons who purchased or otherwise
acquired the shares of LinnCo, LLC (“LinnCo” or the “Company”) (NasdaqGS:
LNCO) in or traceable to LinnCo’s initial public offering (“IPO”) on October
If you purchased or otherwise acquired the shares of LinnCo in or traceable to
the IPO, 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.
LinnCo 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.
The complaint charges LinnCo., certain of its officers and directors, and the
underwriters of the IPO with violations of the Securities Act of 1933.
According to the complaint, LinnCo is a Delaware limited liability company
whose sole purpose is to own units representing limited liability company
interests in Linn Energy, LLC (“Linn Energy”).
The complaint alleges that the Registration Statement issued in connection
with the IPO was false and misleading and failed to disclose material adverse
facts concerning LinnCo’s business and financial condition. Specifically, the
complaint alleges defendants issued false and/or misleading statements and
failed to disclose to investors that Linn Energy was overstating the cash flow
available for distribution to Linn Energy unitholders, such as LinnCo by,
among other things, excluding the cost of certain hedging transactions from
its calculation of “Adjusted EBITDA,” a metric highlighted as important in the
On July 1, 2013, LinnCo and Linn Energy disclosed that the Securities and
Exchange Commission had opened an informal inquiry into LinnCo’s proposed
merger with Berry Petroleum Co., as well as LinnCo’s and Linn Energy’s hedging
strategies and use of non-GAAP financial measures. Following this news, the
price of LinnCo shares fell $10.12 per share, or 27.3%, within two trading
sessions, to close at $26.95 per share on July 3, 2013.
About Lieff Cabraser
Lieff Cabraser 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. 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.
Lieff Cabraser Heimann & Bernstein, LLP
Sharon M. Lee, 800-541-7358
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