PHILADELPHIA, July 15, 2013 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. filed a class action lawsuit in the United States District Court, Southern District of New York, 13cv4875, on behalf purchasers of units of LINN ENERGY LLC (Nasdaq:LINN) between February 25, 2010 and July 3, 2013, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934.
If you wish to serve as lead plaintiff, you must move the Court no later than September 9, 2013. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600 or via email at email@example.com or firstname.lastname@example.org. Any person who purchased units of LINN ENERGY during the Class Period may move the Court to serve as lead plaintiff through counsel of his choice, or may choose to do nothing and remain an absent class member.
The complaint charges 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, Defendants fraudulently misrepresented the true risks associated with the Company's ability to continue to issue stable or increasing cash distributions. Defendants did so by disseminating 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 it received from the sale or exercise of such options. According to numerous publications issued by the Company, these key financial metrics were used by LINN's management and investors to "evaluate cash flow and the Company's ability to sustain or increase distributions." When the calculation of these financial metrics, and, consequently, the true risks associated with the Company's ability to continue to issue stable or increasing distributions became known to the marketplace, the price of LINN units declined significantly. On July 1, 2013 the Company disclosed that the SEC opened an informal inquiry. On this news, LINN units declined $10.50 per unit, or 31.5%, over a two day period to close at $22.79 per unit on July 3, 2013.
Plaintiff seeks to recover damages on behalf of all persons who purchased units of LINN ENERGY LLC (Nasdaq:LINN) between February 25, 2010 and July 3, 2013, inclusive. The plaintiff is represented by Law Offices Bernard M. Gross P.C. The firm has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
If you wish to discuss this action or have any questions concerning this Notice or rights or interests with respect to these matters,
|PLEASE CONTACT:||Law Offices Bernard M. Gross, P.C.|
|Susan R. Gross, Esq.|
|Deborah R. Gross, Esq.|
|Telephone: 866-561-3600 (toll free) or 215-561-3600|
Source:Law Offices Bernard M. Gross, P.C.