WEST HARTFORD, CT--(Marketwire -07/26/12)- The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of Illinois on behalf of purchasers of the securities of Lime Energy Co. ("Lime Energy" or the "Company") (LIME) between May 13, 2010 and July 17, 2012, inclusive (the "Class Period").
The Complaint alleges that Lime and certain of its officers and directors violated the federal securities laws. Specifically, the Complaint alleges that the defendants made false statements and failed to disclose the following: (i) Lime Energy was improperly recording revenue; (ii) as a result, the Company's revenue and financial results were overstated; (iii) the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles; and (iv) the Company lacked adequate internal and financial controls.
On July 17, 2012, the Company announced that its financial statements filed on Form 10-K for the periods ended December 31, 2010 and December 31, 2011 and the quarterly report on Form 10-Q for the period ended March 31, 2012, may no longer be relied upon. Lime Energy further indicated that the Company's management and the Audit Committee believe that some portion of the Company's revenue was improperly recorded, and that "the misreporting may potentially require restatement of all of the affected financial statements."
If you are a member of the class, you may, no later than September 18, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/limeenergy/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firstname.lastname@example.org. For more information about class action cases in general, please visit our website: www.izardnobel.com.