At last count there are no less than ten class action lawsuits filed against Linn and its executves. The question for some may be "Should I contact one of them?"
Four factors determine if a class action is appropriate. First, and most obvious, there must be so many similar claims that it's more practical for them to be resolved in one lawsuit instead of several. This is called numerosity.
Second, the claims must be similar. They must share common factual disputes and/or common questions of law so that they can all be resolved in the same lawsuit. This is call commonality.
Third, the persons named as class representatives or named plaintiffs must have claims that are typical of the class. This is called typicality. The claims need not be identical, but merely representative of the average class claim.
Finally, the persons named as class representatives or named plaintiffs must be capable of adequately representing the class. This is called adequacy. Adequacy means representing fairly the claims of all class members, and not using the lawsuit to reap its benefits at the expense of other class members.
If the SEC finds a problem and the Company is liable for damages, then the lawsuits will likely be consolidated into one and a lead lawyer/firm will proceed. You will be contacted if you are eligible for compensation.
First if you had a loss who fault it. LINE,Barron's,Hedgeeye, Stealing Alpha Weasels or the investor for not doing proper D & D. Any individual can hire a law firm or be his own lawyer and suit anyone they wish,but a class action can only move forward if the court allows. So far all i have see or heard is Shorty BS from all concerned including posters on this board. The arguments i have heard could be levied at most anyone who pays a dividend.
Sentiment: Strong Buy
And if you join do not expect to recover very much of your loss even if the class action prevails! You might get a check for a very small percentage of your loss - after waiting many years and filling out a lot of paperwork!
In cases where there is gross mismanagement and fraud like Enron, I suppose that class actions may be of some benefit but in this case I "doubt" because on the surface it appears to me to be an accounting "judgement" type issue.
Possibly buying some puts above strip harmed you how? It is a real asset which coverts into cash.
It was not hidden like ENRONs wild off balance sheet games.
It was disclosed as the % of the hedge book and the strike price.
The millions in fees the lawyers will attempt to charge might get you nuance pennies which do not even cover the postage.
YOu would be better off just cancelling the Barron's subscription.
Based on my experiences you would be wasting your time getting involved with any class action. The only people who may or may not receive any money are the attorneys. I've been investing for fifty years and unfortunately been through several similar disputes, feeding the attorneys with all of the information they requested, and have never received a penny. This case could certainly be different but I have strong reservations.
You have never received a dime because the attorneys are truly in this for a quick settlement. Usually, the law firm demands that the Company change some wording in their disclosures to make it all look like the suit achieved something so the judge will approve a fee. It truly is a scam that costs shareholders money.