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L&L Energy, Inc. Summary: According to the complaint filed on August 26, 2011, the defendants violated federal securities laws in connection with allegedly material false and misleading financial statements with the Securities and Exchange Commission.
The plaintiffs state that statements contained in the Company’s 10-K filings dating back to 2009 contained materially false information. On July 29, 2011, the Company issued an amendment to its 2010 10-K along with a statement acknowledging certain deficiencies in the process in which it produced it consolidated financials and that previous 10-K statements were no longer reliable.
This adverse news caused the Company’s stock to fall from $.79/share, or 15.9% on August 1, 2011. On August 2, 2011, an independent financial research firm, published a report alleging that the revenues and net incomes claimed by the Company’s SEC filings for the calendar year ended 2009 are inaccurate because financial statements filed the PRC authorities show that the Company’s sales to be $65 million less, and net profits to be $19 million less, when compared to the Company’s SEC filings. The report concludes that the Company’s assets are only 25% of the value of that the Company claims in its SEC filings, and that the Company’s net sales are four times smaller than what it claims in its SEC filings. The report also raised additional red flags of fraud indicating that the Company’s periodic reports filed with the SEC during the class period are not accurate.
As a result of this information, the Company’s stock fell over $.84 a share, or 17.3 from August 2 through August 4, 2011.
On December 15, 2011, the Court issued an order appointing Lead Plaintiff and approving of Lead Counsel in addition to consolidating several cases under the new caption In re L&L, Inc. Securities Litigation.
On February 8, 2012, the Lead Plaintiff filed an amended complaint for violations of the Federal securities laws.
On December 3, 2012, the Court issued an Order granting the defendants' motion to dismiss and thus dismissing the Second Amended Class Action Complaint. Plaintiff may file a motion for leave to amend. On February 4, 2013, the Plaintiff filed their Third Amended Class Action Complaint.
INDUSTRY CLASSIFICATION:
SIC Code: 1220
Sector: Energy
Industry: Coal
| COMPANY/ISSUER NAME: | L&L Energy, Inc. |
| COMPANY/ISSUER TICKER: | LLEN |
| COMPANY WEBSITE: | http://www.lnlinternational.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Jeff Mills, et al. v. L&L Energy, Inc. , et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Complaint Class Action Jury Trial Demanded | |||
| Type: Complaint | Date on the document: 08/26/2011 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 08/26/2011 | ||
| Order Appointing Gregg Irvin As Lead Plaintiff, Rosen Law Firm, P.A., As Lead Counsel, And Smith & Lowney, Pllc, As Liaison Counsel | |||
| Type: Order Appointing LP/LC | Date on the document: 12/15/2011 | ||
| U.S. District Court Civil Docket | |||
| Type: Other | Date on the document: 12/16/2011 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| Jeff Mills , et al. v. ,L&L Energy, Inc. et al. | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| Amended Class Action Complaint for Violations of the Federal Securities Laws | |||
| Type: Complaint | Date on the document: 02/08/2012 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 02/08/2012 | ||
| Second Amended Class Action Complaint For Violations Of The Federal Securities Laws | |||
| Type: Other | Date on the document: 03/02/2012 | ||
| Order Granting Defendants' Motion to Dismiss | |||
| Type: Order | Date on the document: 12/03/2012 | ||
| Third Amended Class Action Complaint for Violations of the Federal Securities Laws | |||
| Type: Complaint | Date on the document: 02/04/2013 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
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