NEW YORK, July 11, 2013 (GLOBE NEWSWIRE) -- Gainey McKenna announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Texas on behalf of all persons or entities who purchased the common stock of Linn Energy, LLC ("Linn") (Nasdaq:LINE) between April 28, 2011 and July 1, 2013, seeking remedies under the federal securities laws.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose: (i) the Company engaged in improper accounting for its hedging strategy, including the failure to properly treat certain hedging costs invested in derivatives as expenses; (ii) the Company was overstating the cash flow available for distribution to unit holders by improperly using non-GAAP financial measures to account for certain derivatives including put options on natural gas; (iii) the Company's energy production was not increasing, despite its heavy capital expenditures; and (iv) as a result of the foregoing, the Company's statements 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 September 9, 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 firstname.lastname@example.org or email@example.com.
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