Cohen Milstein Sellers & Toll PLLC Announces the Investigation of L&L
WASHINGTON -- October 2, 2013
Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine
whether L&L Energy, Inc. (“L&L” or the “Company”) and certain of its officers
and directors made false and misleading statements and/or omissions in
violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the Southern
District of New York by another law firm on behalf of purchasers of the common
stock of L&L Energy, Inc. (NASDAQ: LLEN) between September 11, 2012 and
September 18, 2013, inclusive (the “Class Period”).
The complaint alleges that L&L and certain of its officers and directors
(“Defendants”) misrepresented and/or failed to disclose that: (1) the Company
improperly recognized substantial revenue from operations that were already
shut down; (2) the Company claimed acquisitions and divestitures of various
properties through swap transactions that never occurred, or through the
exchange of assets it did not own; (3) the Company lacked adequate internal
and financial controls; and (4) that, as a result of the foregoing, the
Company's financial results were materially false and misleading.
The claims in the proposed class action against the Company arise from
allegations made in a September 18, 2013 report issued by GeoInvesting in
which it accused the Company of “defraud[ing] investors by booking substantial
revenue from operations that have been idled for quite some time.” That report
GeoInvesting also believes that LLEN’s string of acquisitions and divestitures
of various properties over the last few years amounts to a bait and switch
shell game where it claimed to come into possession of assets through swap
transactions that never occurred through the exchange of assets it never owned
in the first place. Most notably, we will show that revenue of $77.6 million
disclosed in LLEN’s 2013 10K, generated from its Hong Xing coal washing
factory, was actually close to zero, if it is not actually zero.
The Company denied any wrongdoing; however, on September 20, the Company
reported that a special committee was convened to investigate allegations
against the Company.
Cohen Milstein encourages all investors who purchased L&L common stock between
September 11, 2012 and September 18, 2013 or former employees with information
concerning this matter to contact the firm.
If you are an L&L shareholder and would like to discuss your right to recover
for your economic loss, you may, without any cost or obligation, call Cohen
Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202)
408-4600, or email him at firstname.lastname@example.org. If you wish to serve as
lead plaintiff, you must move the Court no later than November 22, 2013 to
request that the Court appoint you as lead plaintiff. A lead plaintiff is a
representative party acting on behalf of other class members in directing the
litigation. To be appointed lead plaintiff, the Court must decide that your
claim is typical of the claims of other class members, and that you will
adequately represent the class. Your share in any recovery will not be
enhanced or diminished by the decision whether or not to serve as a lead
plaintiff. Any member of the proposed class may retain Cohen Milstein Sellers
& Toll PLLC or other attorneys to serve as your counsel in this action, or you
may do nothing and remain an absent class member.
Cohen Milstein Sellers & Toll PLLC has significant experience in prosecuting
investor class actions and actions involving securities fraud. The firm has
offices in Washington, D.C., New York, Chicago, Philadelphia and Palm Beach
Gardens, and is active in major litigation pending in federal and state courts
throughout the nation.
The firm’s reputation for excellence has repeatedly been recognized by courts
which have appointed the firm to lead positions in complex multi-district or
consolidated litigation. Cohen Milstein Sellers & Toll PLLC has taken a lead
role in numerous important cases on behalf of defrauded investors, and has
been responsible for a number of outstanding recoveries which, in the
aggregate, total over one billion dollars. Prior results do not guarantee a
similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to
your rights, please contact either of the following:
Steven J. Toll, Esq.
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
West Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: email@example.com; firstname.lastname@example.org
Cohen Milstein Sellers & Toll PLLC
Steven J. Toll, Esq., 888-240-0775 or 202-408-4600
Asha Williams, 888-240-0775 or 202-408-4600
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