The attorneys at Kantrowitz, Goldhamer & Graifman, P.C. announced a class action lawsuit this month on behalf of purchasers of Linn Energy, LLC units over concerns about possible violations of federal securities laws.
The lawsuit was filed in U.S. District Court for the Southern District of New York. Linn is an oil and natural gas company, which acquires and develops oil and natural gas properties.
In a February 2013 article, Barron’s, described Linn as “the country’s most overpriced large energy producer,” saying it used Generally Accepted Accounting Principles (“GAAP”) accounting to cover up considerable weakness in its distributable cash flows, calling into question the sustainability of its dividend.
On July 1, Linn disclosed that “the Securities and Exchange Commission (SEC) commenced an informal investigation in connection with the Company’s hedging strategies, use of non-GAAP financial measures, and that the Commission was looking into its pending acquisition of Berry Petroleum Company.”
When the disclosure occurred, Linn’s units fell to their lowest price in three years, from a close of $33.29 per unit on July 1 to a low of $21.23 on July 5.
Our class action lawyers represent investors who have purchased stocks and have had the value decrease because the company has given a falsely positive picture of its finances, business prospects, expected business or financial results.
If you have questions concerning your legal rights or interests when it comes to Linn, please contact Gary S. Graifman, Esq., at Kantrowitz, Goldhamer & Graifman, P.C., at 1-(800) 711-5258, or send us an email or fill out the contact form on our website.
Kantrowitz, Goldhamer & Graifman, P.C. – Class Action Lawyers