Saxena White P.A. Files Securities Fraud Class Action Against LinnCo, LLC
BOCA RATON, FL--(Marketwired - Jul 23, 2013) - Saxena White P.A. has filed a securities fraud class action lawsuit in the United States District Court for the Southern District of New York against LinnCo, LLC ("LinnCo" or the "Company") (NASDAQ: LNCO) and certain of the Company's executive officers and underwriters. The class action is filed on behalf of investors who purchased or otherwise acquired LinnCo's common stock pursuant or traceable to the Company's Registration Statement and Prospectus ("Offering Documents") issued in connection with LinnCo's initial public offering ("IPO") commencing October 12, 2012, through July 1, 2013, inclusive (the "Class Period"). The complaint brings claims for violations of Sections 11 and 15 of the Securities Act of 1933.
LinnCo is a Delaware limited liability company whose sole purpose is to own LINN Energy, LLC ("LINN") units. LINN is a U.S. focused, independent oil and natural gas company focused on the development and acquisition of long-life oil and natural gas properties.
On July 1, 2013, LINN and LinnCo announced an informal Securities and Exchange Commission ("SEC") inquiry regarding LINN and LinnCo. The SEC "requested the preservation of documents and communications that are potentially relevant to, among other things, LinnCo's proposed merger with Berry Petroleum Company, and LINN and LinnCo's use of non-GAAP financial measures and hedging strategy."
On the news of the SEC inquiry, LinnCo shares plummeted from a closing of $37.07 per share on July 1, 2013 to a closing of $26.95 per share on July 3, 2013, representing a two-day decline of over 27%.
This Complaint alleges that, in LinnCo's IPO Offering Documents and throughout the Class Period, Defendants failed to disclose material adverse facts about the Company's and LINN's financial well-being and prospects. As a result of Defendants' wrongful actions, false and misleading statements and omissions, and the precipitous decline in the market value of the Company's securities, Plaintiff and the other Class members have suffered significant losses and damages.
You may obtain a copy of the complaint and join the class action at www.saxenawhite.com. If you purchased LinnCo stock pursuant to the IPO commencing on October 12, 2012, through July 1, 2013, inclusive, you may contact Joe White (jwhite@saxenawhite.com) or Marc Grobler (mgrobler@saxenawhite.com) at Saxena White P.A. to discuss your rights and interests.
If you purchased LinnCo common stock during the Class Period and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than September 9, 2013. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.
Saxena White P.A., located in Boca Raton, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.
