Bernstein Liebhard LLP Announces That A Class Action Has Been Filed Against
L&L Energy, Inc.
NEW YORK, Oct. 16, 2013
NEW YORK, Oct. 16, 2013 /PRNewswire/ -- Bernstein Liebhard LLP today announced
that a class action has been commenced in the United States District Court for
the Southern District of New York on behalf of all those who purchased the
common stock of L&L Energy, Inc. (NASDAQ: LLEN) ("L&L" or the "Company")
between September 11, 2012 and September 18, 2013, inclusive (the "Class
(Logo: http://photos.prnewswire.com/prnh/20120202/MM47134LOGO )
L&L, formerly known as L&L International Holdings, is a coal-mining company
founded in 1995. L&L purports, through its subsidiaries, to engage in coal
mining, clean coal washing, coal coking, and coal wholesaling businesses in
The Complaint alleges that throughout the Class Period, Defendants made false
and/or misleading statements, as well as failed to disclose material adverse
facts about the Company's business, operations, and prospects. Specifically,
Defendants made false and/or misleading statements and/or failed to disclose
that: (1) the Company improperly counted 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 through the exchange of assets it never owned in the first place; (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 at all relevant times.
On September 19, 2013, GeoInvesting published an article on Seeking Alpha
disclosing that the Company has been "defrauding investors by booking
substantial revenue from operations that have been idled for quite some
time." Specifically, GeoInvesting stated that the Company's numerous
acquisitions and divestitures through the years have amounted "to a bait and
switch shell game" by utilizing "swap transactions that never occurred."
Moreover, the article concluded "that revenue of $77.6 million disclosed in
L&L's 2013 Form 10-K, generated from its Hong Xing coal washing factory, was
actually close to zero, if it is not actually zero" as the factory "has been
shut down since 2012."
Plaintiffs seek to recover damages on behalf of all Class members who invested
in L&L stock during the Class Period. If you invested in L&L stock as
described above during the Class Period, and either lost money on the
transaction or still hold the security, you may wish to join in this action to
serve as lead plaintiff. In order to do so, you must meet certain
requirements set forth in the applicable law and file appropriate papers no
later than November 22, 2013.
A "lead plaintiff" is a representative party that acts on behalf of other
class members in directing the litigation. In order to be appointed lead
plaintiff, the court must determine that the class member's claim is typical
of the claims of other class members, and that the class member will
adequately represent the class. Under certain circumstances, one or more
class members may together serve as lead plaintiff. Your ability to share in
any recovery is not, however, affected by the decision whether or not to serve
as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel
of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as an L&L shareholder and/or
have information relating to the matter, please contact Joseph R. Seidman, Jr.
at (877) 779-1414 or firstname.lastname@example.org.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and
shareholder rights cases and recovered over $3 billion for its clients. It
has been named to The National Law Journal's "Plaintiffs' Hot List" in each of
the last ten years.
You can obtain a copy of the complaint from the clerk of the court for the
United States District Court for the Southern District of New York.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
ATTORNEY ADVERTISING. © 2013 Bernstein Liebhard LLP. The law firm responsible
for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New
York, New York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of Connecticut is Michael S. Bigin. Prior results
do not guarantee or predict a similar outcome with respect to any future
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
SOURCE Bernstein Liebhard LLP
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