NEW YORK, July 10, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Texas on behalf of investors who purchased Linn Energy, LLC ("Linn" or the "Company") (Nasdaq:LINE) stock between April 28, 2011 and July 1, 2013.
For more information, click here: http://zlk.9nl.com/linn-energy/.
The Complaint alleges that during the Class Period, Linn made false and/or misleading statements and/or failed to disclose that: (a) the Company engaged in improper accounting for its hedging strategy; (b) the Company overstated the cash flow available for distribution to unit holders by using non-GAAP financial measures to account for certain derivatives; and (c) the Company's energy production was not increasing, despite its heavy capital expenditures.
On July 1, 2013, Linn announced that it is under investigation by the Securities and Exchange Commission in connection with the Company's hedging strategies, use of non-GAAP financial measures, and the proposed acquisition of Berry Petroleum Company by Linn affiliate LinnCo, LLC. Upon this news, shares of Linn stock fell from a close of $33.29 per share on July 1, 2013, to a close of $27.05 per share the following day.
If you suffered a loss in Linn you have until September 9, 2013 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/linn-energy/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (866) 367-6510 www.zlk.comSource:Levi & Korsinsky, LLP