Key Developments: Lime Energy Co (LIME.O)
0.72USD
18 Jun 2013
$0.00 (+0.00%)
$0.72
$0.75
$0.75
$0.72
20,240
11,103
$2.34
$0.47
Latest Key Developments (Source: Significant Developments)
Robbins Arroyo LLP Announces Investigation Of Lime Energy Co
Shareholder rights firm Robbins Arroyo LLP announced that it is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors of Lime Energy Co. Robbins Arroyo LLP is investigating whether officers and directors of Lime Energy breached their fiduciary duties to shareholders by permitting and failing to correct insufficient controls and improper procedures that led to the disclosure of false and/or misleading statements. Full Article
Law Firm of Levi & Korsinsky, LLP Launches Investigation into Possible Breaches of Fiduciary Duty by Lime Energy Co
Levi & Korsinsky announced that it is investigating potential claims on behalf of purchasers of Lime Energy Co securities concerning possible breaches of fiduciary duty. In particular, the investigation concerns the quality of the internal controls within the Company. In a July 17, 2012 press release the Company disclosed the results of a partial internal review, determining that its consolidated financial statements for the periods ended December 31, 2010 and December 31, 2011, as well as the quarterly report for the period ended March 31, 2012, could no longer be relied upon. At this time the Company acknowledged that some of its revenue may have been improperly recorded; in particular, “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.” Then, on December 27, 2012, the Company announced that its consolidated financial statements on its Form 10-Ks for the years ended December 31, 2008 and December 31, 2009 could also not be relied upon. Full Article
Schubert Jonckheer & Kolbe LLP Announces Investigation Of Lime Energy Co
Schubert Jonckheer & Kolbe LLP announced that it is investigating potential claims on behalf of shareholders of Lime Energy Co. On July 17, 2012, Lime Energy announced that its consolidated financial statements for 2010 and 2011 and for the for the first quarter of 2012 could no longer be relied upon, and will likely have to be restated. Lime Energy`s internal review revealed 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." Further, the Company could not "make a reliable estimate of the magnitude of the misreported revenue or the effects on the affected financial statements at this time." Since Lime Energy made this announcement, the price of its shares has dropped from approximately $2.03 per share to approximately $0.91. Full Article
Wolf Haldenstein Adler Freeman & Herz LLP Commences Class Action Lawsuit On Lime Energy Co Investors
Wolf Haldenstein Adler Freeman & Herz LLP announced that it has filed a class action lawsuit in the United States District Court, Northern District of Illinois, on behalf of all persons who purchased Lime Energy Co., Inc. common stock (Lime Energy or the Company) between May 14, 2010 and July 17, 2012, inclusive (the Class Period), against the Company and certain of the Company`s officers and directors, alleging securities fraud pursuant to Sections 10(b) and 20(a) of the Exchange Act [15 U.S.C. §§ 78j(b) and 78t(a)] and Rule 10b-5 promulgated thereunder by the SEC [17 C.F.R. § 240.10b-5] (the "Class"). The case name is Galbraith v. Lime Energy Co., Inc., et al., Civil Action No. 12-cv-6465. The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or material omissions, that were in effect throughout the Class Period, regarding the Company`s business, operational and accounting practices, by failing to disclose, among other things, that: the Company`s financial statements during the Class Period did not accurately state the Company`s financial condition and operations, including that they did not accurately state the Company`s revenue and earnings; as a result, the Company`s financial results were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); and the Company lacked adequate internal and financial controls. Full Article
Law Offices of Todd M. Garber Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against Lime Energy Co
The Law Offices of Todd M. Garber announced that shareholders of Lime Energy Co have until September 18, 2012 to move for lead plaintiff status in the shareholder lawsuit filed in the United States District Court for the Northern District of Illinois. The lawsuit was filed on behalf of a class (the Class) comprising all persons or entities who purchased the securities of Lime Energy between May 13, 2010 and July 17, 2012, inclusive (the Class Period). The Complaint alleges that throughout the Class Period the Company and certain of its executive officers 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. Full Article
Newman Ferrara LLP Announces Securities Fraud Class Action Lawsuit Has Been Filed Against Lime Energy Co.
Newman Ferrara LLP announced that a class action lawsuit has been filed in the U.S. District Court for the Northern District of Illinois against Lime Energy Co. and certain of its executive officers, alleging violations of federal securities laws. Investors who purchased Lime Energy securities between May 13, 2010 and July 17, 2012 (the Class Period) may apply with the Court to be appointed Lead Plaintiff no later than September 18, 2012. The Lead Plaintiff will direct the litigation on behalf of the other Class members. The Court will select the Lead Plaintiff from among applicants claiming the largest investment losses. You are not required to have sold your shares to serve as a Lead Plaintiff. Full Article
Cohen Milstein Sellers & Toll PLLC Announces Investigation Of Lime Energy Company
Cohen Milstein Sellers & Toll PLLC announced that it is investigation to determine whether Lime Energy 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 between May 13, 2010 and July 17, 2012, inclusive (the Class Period). Full Article
Izard Nobel LLP Announces Class Action Lawsuit Against Lime Energy Co.
The law firm of Izard Nobel LLP, announced that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of Illinois on behalf of purchasers of the securities of Lime Energy Co. between May 13, 2010 and July 17, 2012, inclusive (the Class Period). The Complaint alleges that Lime and certain of its officers and directors violated the federal securities laws. Specifically, the Complaint alleges that the defendants made false statements and failed to disclose the following: (i) Lime Energy was improperly recording revenue; (ii) as a result, the Company's revenue and financial results were overstated; (iii) the Company's financial statements were not prepared in accordance with Generally Accepted Accounting Principles; and (iv) the Company lacked adequate internal and financial controls. Full Article
Securities Lawyers at Goldfarb LLP Announce Securities Fraud Class Action Lawsuit Against Lime Energy Co
Lime Energy Co announced that Goldfarb LLP has filed a class action lawsuit against the board of directors of the Company for allegedly violating shareholder protection laws. Full Article
Rigrodsky & Long, P.A. Announces Securities Fraud Class Action Lawsuit Against Lime Energy Co
Rigrodsky & Long, P.A. announced that a complaint has been filed in the United States District Court for the Northern District of Illinois on behalf of all persons or entities that purchased the securities of Lime Energy Co. (Lime Energy or the Company) between May 13, 2010 and July 17, 2012, inclusive (the Class Period), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers and directors (the Complaint). The Company further stated that 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 that it should have been. Further, the Company disclosed that at the time of the filing, it could not make a reliable estimate of the magnitude of the misreported revenue or the effects on the affected financial statements. Lastly, the Company stated that it expects that the misreporting may potentially require restatement of all of the affected financial documents. On this news, shares of the Company declined over 44%, closing at $1.12 per share on July 17, 2012, on volume of over 2 million shares. Full Article
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