STEVENSON, Md., July 15, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of LinnCo, LLC ("LinnCo" or the "Company") (Nasdaq:LNCO) shares pursuant or traceable to the Company's Initial Public Offering ("IPO") on October 12, 2012, through July 1, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in LinnCo, LLC shares purchased pursuant or traceable to the Company's IPO on October 12, 2012, and held through any of the revelations of negative information on May 4, 2013 and/or July 1, 2013, as described below, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than September 9, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the Company's failure to disclose in connection with the IPO that LinnCo's presentation of Adjusted EBITDA, distribution coverage ratio, and Distributable Cash Flow, were not accurate or reliable metrics for gauging LinnCo's ability to make distributions because the metrics did not properly reflect the cost of financial derivatives actually paid by Linn Energy, LLC ("Linn Energy"), the entity in which LinnCo owns units. According to the complaint, following the May 4, 2013 publication of an article in Barrons entitled "Twilight of a Stock-Market Darling" which stated that Linn Energy "may be the country's most overpriced large energy producer," and the Company's July 1, 2013 disclosure that the U.S. Securities and Exchange Commission had commenced an informal inquiry relating, among other things, to LinnCo's and Linn Energy's proposed merger with Berry Petroleum Company and the hedging strategies of LinnCo and Linn Energy, the value of LinnCo shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 email@example.comSource: Brower Piven, A Professional Corporation