WASHINGTON--(BUSINESS WIRE)--Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Lime Energy Company (“Lime Energy” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Class action lawsuits were filed in the U.S. District Court for the Northern District of Illinois by other law firms on behalf of purchasers of the common stock of Lime Energy Company (NASDAQ: LIME) between May 13, 2010 and July 17, 2012, inclusive (the “Class Period”).
The complaints allege that Defendants misrepresented and/or failed to disclose that: (1) the Company was improperly recording revenue; (2) the Company's revenue and financial results were overstated; (3) the Company's financial statements were not prepared in accordance with GAAP; (4) the Company lacked adequate internal and financial controls; and (5) as a result of the foregoing, the Company's financial statements were materially false and misleading.
On July 17, 2012, Lime Energy announced that its Audit Committee had determined that the Company’s consolidated financial statements for the years 2010, 2011 and the quarter ended March 31, 2012 should no longer be relied upon, based on the results of “a partial internal review conducted by the Company’s management.” According to the press release:
Based on the results of that partial internal review, the Company’s management and the Audit Committee believe that some portion of the Company’s revenue was improperly recorded. In some cases, it appears that non-existent revenue may have been recorded. In other cases, it appears that revenue may have been recorded earlier than it should have been.
Lime Energy further reported that it “cannot make a reliable estimate of the magnitude of the misreported revenue or the effects on the affected financial statements at this time.” The price of Lime Energy shares fell from $2.03 to $1.12 on July 17.
Cohen Milstein encourages all investors who purchased LIME common stock between May 13, 2010 and July 17, 2012 or former employees with information concerning this matter to contact the firm.
If you are a LIME shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at firstname.lastname@example.org. If you wish to serve as lead plaintiff, you must move the Court no later than September 18, 2012 to request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may retain Cohen Milstein Sellers & Toll PLLC or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein Sellers & Toll PLLC has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Chicago, Philadelphia and West Palm Beach, and is active in major litigation pending in federal and state courts throughout the nation.
The firm’s reputation for excellence has repeatedly been recognized by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen Milstein Sellers & Toll PLLC has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over a billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
West Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: email@example.com; firstname.lastname@example.org