Securities Lawyers at Deans & Lyons filed a class action suit against Linn Energy LLC (NASDAQ:LINE), encouraging eligible investors to contact them for rights and remedies.
The lawyers indicated those investors who purchased LINN energy shares between February 25, 2010 and July 3, 2013 are encouraged to contact Hamilton Lindley at 877-819-8033 or firstname.lastname@example.org about their rights and remedies.
Time until September 7, 2013
In its suit, Deans & Lyons accused Linn Energy LLC (NASDAQ:LINE) of fraudulently overstating its available cash to unit holders by improper accounting for its hedging strategy. The units of LINN fell 31 percent over two days, when the company’s financial condition was disclosed. The legal firm indicated LINN unit holders have time until September 7, 2013 to move for lead plaintiff.
Deans & Lyons highlighted the firm has significant experience to represent shareholders in securities lawsuits nationwide without any cost to clients.
Another class action suit against Linn Energy
Law Offices Bernard M. Gross, P.C. also filed another class action lawsuit against Linn Energy LLC (NASDAQ:LINE) on behalf of investors falling under the above eligibility criteria, to pursue remedies under the Securities Exchange Act of 1934.
In its complaint, Bernard M. Gross, P.C. alleged LINN made false and / or misleading statements besides failing to disclose material adverse facts about the company’s business, operations and prospects. More specifically, the law office alleged LINN fraudulently misrepresented the true risk associated with the company’s ability to continue to issue stable or increasing cash distributions.
The law office alleged Linn Energy LLC (NASDAQ:LINE) disseminated key financial metrics to investors that deceptively excluded the cost of options it used to hedge against fluctuations in the price of oil and natural gas, but included the proceeds the company received from the sale or exercise of such options.
According to the class action suit, when LINN disclosed on July 1, 2013, that the Securities Exchange Commission opened an informal inquiry, LINN unites fell to $10.50 from $22.79 in over two days.
Bernard M. Gross, P.C. indicated that any investor interested to serve as lead plaintiff should move the court before September 9, 2013.
As reported earlier, Linn Energy LLC (NASDAQ:LINE) along with its former unit LinnCo LLC (NASDAQ:LNCO) disclosed that both companies are the subject of an informal U.S. Securities Exchange Commission inquiry related in part to LinnCo’s proposed merger with Berry Petroleum Company.