SHAREHOLDER ALERT: Pomerantz Law Firm Has Filed a Class Action Against Linn Co, LLC and Certain Officers --- LNCO

NEW YORK, July 17, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class action lawsuit against Linn Co, LLC ("LNCO" or the "Company") (Nasdaq:LNCO) and certain of its officers. The class action, filed in United States District Court, Southern District of Texas, and docketed under 13-cv-02104, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of LNCO between October 12, 2012 and July 1, 2013 both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

If you are a shareholder who purchased LNCO securities during the Class Period, you have until September 9, 2013 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at To discuss this action, contact Robert S. Willoughby at or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.

LNCO is a Delaware limited liability company whose sole purpose is to own units representing limited liability company interests ("units") in Linn. Linn is an independent natural gas exploration and production company whose units trade on NASDAQ under the symbol "LINE."

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 LNCO's business and financial condition. Specifically, Defendants made false and/or misleading statements and/or failed to disclose to LNCO investors that: (1) Linn was overstating the cash flow available for distribution to Linn unitholders such as LNCO by, among other things, excluding the cost of certain hedging transactions from its calculation of adjusted EBITDA, and understating maintenance capital expenditures; (2) Linn's production from its oil and natural gas properties (as measured in million cubic feet equivalent per day ("MMcfe/d")) had flattened out and started decreasing, despite heavy capital expenditures; and (3) as a result of the foregoing, LNCO's financial statements were materially false and misleading at all relevant times.

On February 20, 2013, Linn and LNCO announced an agreement to merge with Berry Petroleum Company ("Berry") by issuing LNCO shares to Berry shareholders. Under the terms of the deal, Linn would then acquire the operating assets of Berry from LNCO in exchange for additional units of Linn. However, in two articles published in February 2013 (just prior to the announcement of the transaction with Berry) and in May 2013, Barron's questioned Linn's aggressive accounting practices. Among other things, Barron's criticized Linn for using non-GAAP accounting to mask considerable weakness in its distributable cash flows, thus calling into question the sustainability of its dividend. Further, Barron's questioned Linn's accounting for its derivative contracts by, for example, excluding the cost of its puts from its cash flow, while including the gains. As a result of these issues, in its May 2013 article, Barron's labeled Linn "the country's most overpriced large energy producer." Following the May 2013 Barron's article, Linn units declined 7%, to close at $35.75 per unit on May 6, 2013. In turn, LNCO shares dropped nearly 8% to close at $39.24 per share on May 6, 2013.

On July 1, 2013, Linn and LNCO disclosed that the SEC had opened an informal inquiry into LNCO's proposed merger with Berry, as well as Linn and LNCO's hedging strategies and use of non-GAAP financial measures (the same accounting issues for which Linn and LNCO had been criticized by Barron's). On this news, Linn units declined $10.50 per unit, or 31.5%, within two trading sessions, to close at $22.79 per unit on July 3, 2013. In turn, LNCO shares dropped $10.12 per share, or 27.3%, within two trading sessions, to close at $26.95 per share on July 3, 2013.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See

CONTACT: Robert S. Willoughby Pomerantz Grossman Hufford Dahlstrom & Gross LLP rswilloughby@pomlaw.comSource:Pomerantz Grossman Hufford Dahlstrom & Gross LLP