LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Todd M. Garber announces that a class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of a class (the “Class”) comprising all purchasers of the securities of Lime Energy Co. (“Lime Energy” or the “Company”) (NASDAQ:LIME) between May 13, 2010 and July 17, 2012, inclusive (the “Class Period”).
Lime Energy is a provider of clean energy solutions. The Complaint alleges violations of federal securities laws against the Company and certain of its executive officers and is seeking to pursue remedies under the Securities Act of 1933. Specifically, the Complaint alleges that throughout the Class Period the defendants issued false and/or misleading statements or failed to disclose material adverse facts about Lime Energy’s business, operations and financial condition, including: (1) that the Company was improperly recording revenue; (2) that, as a result, the Company’s revenue and financial results were overstated; (3) that, as such, the Company’s financial statements were not prepared in accordance with Generally Accepted Accounting Principles; (4) that the Company lacked adequate internal and financial controls; and (5), as a result of the foregoing, that the Company’s financial statements were materially false and misleading at all relevant times.
If you are a member of the above-described Class, you may move the Court no later than September 18, 2012 to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time, or you may retain counsel of your choice. If you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to info@toddgarberlaw.com.
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