LOS ANGELES--(BUSINESS WIRE)--
The Law Offices of Todd M. Garber announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Texas on behalf of a class (the “Class”) comprising all purchasers of Linn Energy, LLC (“Linn Energy” or the “Company”) (LINE) units between February 24, 2011 and July 1, 2013, inclusive (the “Class Period”). Investors with losses of $1 million or more are encouraged to contact the firm for information concerning a lead plaintiff position in the shareholder lawsuit.
Linn Energy is an independent oil and natural gas company engaged in the acquisition and development of oil and natural gas properties. The Company reduces its exposure to oil and natural-gas price fluctuations, and also provides for long-term cash flow predictability, by engaging in certain hedging strategies on a significant portion of Linn Energy’s forecasted production.
The Complaint alleges that throughout the Class Period defendants issued materially false and misleading statements or failed to disclose that: (1) the Company engaged in improper accounting for its hedging strategy, which included failing to properly treat certain hedging costs invested in derivatives as expenses; (2) by improperly using non-GAAP financial measures to account for certain derivatives, the Company was overstating its cash flow available for distribution to unit holders; and (3) the Company's energy production was not increasing, despite its heavy capital expenditures.
If you are a member of the above-described Class, you may move the Court no later than September 9, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class, you may retain counsel of your choice or take no action and remain an absent member of the Class. If you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to firstname.lastname@example.org.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
- Company Legal & Law Matters
- Linn Energy
- United States District Court
- Southern District of Texas
Todd M. Garber, Attorney at Law
Los Angeles, California