STEVENSON, Md., July 16, 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 Linn Energy, LLC ("Linn" or the "Company") (Nasdaq:LINE) units during the period between April 28, 2011 and July 1, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Linn Energy, LLC units purchased on or after April 28, 2011, and held through any of the revelations of negative information on May 4, 2013, June 15, 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 email@example.com, 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 Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company engaged in improper accounting for its hedging strategy, including the failure to properly treat certain hedging costs as expenses (and thus overstating its cash available for distribution to unit holders) and that the Company's energy production was not increasing despite heavy capital expenditures. 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," the June 15, 2013 publication of another article in Barrons entitled "Linn Comes Clean on Derivative Costs," 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 the Company's proposed merger with Berry Petroleum Company and the Company's hedging strategy, the value of Linn units 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 firstname.lastname@example.orgSource: Brower Piven, A Professional Corporation