Labaton Sucharow LLP Files a Class Action Lawsuit on Behalf of Investors in LinnCo, LLC -- LNCO NEW YORK, Aug. 19, 2013 (GLOBE NEWSWIRE) -- Labaton Sucharow LLP filed a class action lawsuit on August 19, 2013 in the U.S. District Court for the Southern District of New York. The lawsuit was filed on behalf of persons or entities who purchased the publicly-traded common stock of LinnCo, LLC ("LinnCo" or the "Company") (Nasdaq:LNCO) pursuant or otherwise traceable to the Company's October 12, 2012 initial public offering (the "IPO") and/or between October 12, 2012 and July 1, 2013, inclusive (the "Class Period"). The action charges LinnCo and certain of its officers and directors with violations of Sections 11 and 15 of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. The Complaint alleges that, in statements made throughout the Class Period, including in offering documents filed with the U.S. Securities and Exchange Commission (the "SEC") in connection with the Company's October 2012 IPO, LinnCo misrepresented its revenues, earnings, and distributable cash flow ("DCF"), thereby artificially inflating the price of LinnCo's stock. LinnCo, based in Houston, Texas, is a limited liability company whose sole purpose is to own units of Linn Energy, LLC ("Linn Energy"), a master limited partnership that is among the largest publicly traded oil and natural gas production companies.LinnCo has no substantial operations or assets other than those related to the Company's ownership interest in Linn Energy.Consequently, the organization, operation, and financial reporting of Linn Energy is central to the value of LinnCo shares.Linn Energy and LinnCo share the same executive management. The Complaint alleges that the falsity of LinnCo's statements during the Class Period was revealed through a series of disclosures.First, on Saturday, May 4, 2013, Barron's published an article stating that Linn Energy "may be the country's most overpriced large energy producer" and "has for years used aggressive accounting to prettify its financial statements."In response to the claims in Barron's, LinnCo's share price fell $3.32 per share, or 7.80 percent, on May 6, 2013. Then, on Saturday, June 15, 2013, Barron's published another article about Linn Energy's accounting, highlighting a recent revelation by Linn Energy concerning the costs of Linn Energy's hedging strategy, which had theretofore not been disclosed to investors.According to Barron's, "the expense [was] significant."On this news, LinnCo's share price declined $1.69 per share, or 4.58 percent, to close at $35.17 per share on June 17, 2013. Finally, on July 1, 2013, Linn Energy and LinnCo disclosed that the SEC had opened an informal inquiry into Linn Energy and LinnCo.In particular, the SEC was probing Linn Energy's and LinnCo's hedging strategy and use of non-GAAP financial measures.In reaction to this development, LinnCo's share price fell sharply, declining 6.17 per share, or 16.64 percent, to close at $30.90 on July 2, 2013. If you are a member of this Class you can view a copy of the complaint and join this class action online at http://www.labaton.com/en/cases/Newly-Filed-Cases.cfm. If you purchased LinnCo common stock during the Class Period, you may be able to seek appointment as Lead Plaintiff.Lead Plaintiff motion papers must be filed with the U.S. District Court for the Southern District of New York no later than September 9, 2013.A lead plaintiff is a court-appointed representative for absent Class members.You do not need to seek appointment as lead plaintiff to share in any Class recovery in this action.If you are a Class member and there is a recovery for the Class, you can share in that recovery as an absent Class member.You may retain counsel of your choice to represent you in this action. If you would like to consider serving as lead plaintiff or have any questions about the lawsuit, you may contact Rachel A. Avan, Esq. of Labaton Sucharow LLP, at (800)321-0476 or (212) 907-0709, or via email at email@example.com. Labaton Sucharow LLP, with offices inNew York,New York and Wilmington, Delaware, is one of the country's premier law firms representing institutional investors in class action and complex securities litigation, as well as consumers and businesses in class actions seeking to recover damages for anticompetitive practices.The Firm has been a champion of investor and consumer rights for 50 years, seekingrecovery of current losses and necessarygovernance reformsto protect investors and consumers. Labaton Sucharowhas been recognized for its excellence by the courts and its peers.More information about Labaton Sucharow is available at www.labaton.com. CONTACT: Rachel A. Avan, Esq. of Labaton Sucharow LLP (800) 321-0476 or (212) 907-0709 firstname.lastname@example.org
Labaton Sucharow LLP Files a Class Action Lawsuit on Behalf of Investors in LinnCo, LLC -- LNCO
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