Can anyone cite a single SEC filing where LLEN ever said that it acquired 95% interests in Lashu and Luozhou from Union Energy subsidiaries? LLEN's press release today emphasizing the word "subsidiaries" in italics completely misrepresents the transaction as previously disclosed in numerous filings (Press release, 8-K, 10-K, 10-Q). Today's pop in the stock was a great opportunity to add to my short.
Sentiment: Strong Sell
From page 6 of LLEN's 10-K ending July 30, 2013:
"On November 18, 2012, we acquired 95% equity interest in both LuoZhou and LaShu Coal Mine from Union Energy, Inc., and Guizhou Union Capital Investment Holding Co., Ltd., a Chinese corporation (“Union Capital”) with a cash outlay of approximately $1.7 million and the transfer of the Company's interests in Zonelin Coking Plant (98%) and the DaPing Coal Mine (60%)."
I would think one could come up with a better way to bash LLEN than that... unless you really were just too lazy or incompetent to find this item yourself.