LOS ANGELES--(BUSINESS WIRE)--
Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) comprising all purchasers of the shares of LinnCo, LLC (“LinnCo” or the “Company”) (LNCO) pursuant or traceable to the Company’s Registration Statement and Prospectus issued in connection with LinnCo’s initial public offering commencing October 12, 2012, through July 1, 2013, inclusive (the “Class Period”).
A COPY OF THE COMPLAINT IS AVAILABLE FROM THE COURT OR FROM GLANCY BINKOW & GOLDBERG LLP. PLEASE CONTACT US TOLL-FREE AT (888) 773-9224, OR AT (212) 682-5340, OR BY EMAIL TO SHAREHOLDERS@GLANCYLAW.COM TO DISCUSS THIS MATTER. IF YOU INQUIRE BY EMAIL PLEASE INCLUDE YOUR MAILING ADDRESS, TELEPHONE NUMBER AND NUMBER OF SHARES PURCHASED.
LinnCo is a Delaware limited liability company whose sole purpose is to own limited liability company interests, or “units,” in Linn Energy, LLC -- an independent natural gas exploration and production company. LinnCo has no significant operations or assets other than its ownership of Linn Energy units, and LinnCo’s cash flow consists exclusively of distributions from Linn Energy. On February 20, 2013 Linn Energy and LinnCo announced an agreement to merge with Berry Petroleum Company by issuing LinnCo shares to Berry Petroleum shareholders, and Linn Energy would then acquire the operating assets of Berry Petroleum from LinnCo in exchange for additional Linn Energy units.
The Complaint alleges that the Registration Statement issued in connection with LinnCo’s initial public offering was false and misleading or failed to disclose material adverse facts concerning LinnCo’s business and financial condition. Specifically, the Complaint alleges defendants issued false and/or misleading statements and/or failed to disclose to investors that Linn Energy was overstating the cash flow available for distribution to Linn Energy unitholders such as LinnCo by, among other things, excluding the cost of certain hedging transactions from its calculation of “Adjusted EBITDA.”
On July 1, 2013 Linn Energy and LinnCo disclosed that the Securities and Exchange Commission had opened an informal inquiry into LinnCo’s proposed merger with Berry Petroleum and the use of hedging strategies and non-GAAP financial measures by Linn Energy and LinnCo. Following this news, the price of LinnCo shares fell approximately 27% within two trading sessions, to close at $26.95 per share on July 3, 2013.
If you are a member of the Class described above you may move the Court no later than September 9, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to learn more about this action or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, Toll Free at (888) 773-9224, or contact Gregory Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd Street, Suite 2920, New York, New York 10168, at (212) 682-5340, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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