NEW YORK, Sept. 27, 2013 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston 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 those who purchased securities of L&L Energy, Inc. ("L&L" or the "Company") (Nasdaq:LLEN), during the period between September 11, 2012 and September 18, 2013, inclusive (the "Class Period"). The Complaint seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company improperly accounted substantial revenue from operations that were already shut down; (ii) the Company claimed acquisitions and divestitures of various properties through swap transactions that never occurred through the exchange of assets it never owned in the first place; (iii) the Company lacked adequate internal and financial controls; and (iv) that, as a result of the foregoing, the Company's financial results were materially false and misleading at all relevant times.
If you wish to serve as lead plaintiff, you must move the Court no later than November 22, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at email@example.com or firstname.lastname@example.org.
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