OKLAHOMA CITY, OK--(Marketwired - Sep 24, 2013) - On September 23, 2013, a class action lawsuit was filed in the United States District Court for the Southern District of New York against L & L Energy, Inc. (NASDAQ: LLEN). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is September 11, 2012 through September 18, 2013. On September 19, 2013, an article by GeoInvesting, a company that provides research and analysis on U.S. listed China stocks, was published on SeekingAlpha.com, stating that GeoInvesting is preparing to file a whistleblower report with the NASDAQ and SEC alleging that L & L has defrauded its investors by incorrectly claiming substantial revenue from operations that have been idle for an extended period of time. This same article also stated that L & L engaged in a "bait and switch" game, with a string of acquisitions and divestitures of various properties over the last few years, where L & L claimed it had come into possession of assets through swap transactions that never occurred, and through the exchange of assets L & L never owned.
Plaintiff seeks to recover damages on behalf of all L & L Energy, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Friday, November 22, 2013 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact:
- Company Legal & Law Matters
- United States District Court
- Southern District of New York