 | ||
|
| Home Annual/Quarterly Updates About Us
|
Lime Energy Co. Summary: According to the law firm press release, Lime Energy is a provider of clean energy solutions. The Complaint alleges that throughout the Class Period the defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about Lime Energy’s business, operations and financial condition. Specifically, the Complaint alleges that the defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company was improperly recording revenue; (2) as a result, the Company’s revenue and financial results were overstated; (3) as such, the Company’s financial statements were not prepared in accordance with Generally Accepted Accounting Principles (“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 at all relevant times.
On July 17, 2012, the Company disclosed that the Audit Committee of the Board of Directors of Lime Energy had determined that the Company’s consolidated financial statements filed with the Securities and Exchange Commission on Form 10-K for the periods ended December 31, 2010 and December 31, 2011 and the quarterly report on Form 10-Q for the period ended March 31, 2012, may no longer be relied upon. According to the Company, the Audit Committee made that determination based on the results of a partial internal review conducted by the Company’s management and concluded Friday, July 13, 2012.
The Company further indicated 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 Lime Energy indicated that the misreporting may potentially require restatement of its previously issued financial statements. Moreover, the Company stated that, “[i]n some cases, it appears that non-existent revenue may have been recorded” and that “[i]n other cases, it appears that revenue may have been recorded earlier than it should have been.”
As a result of this news, shares of the Company declined $0.91 per share, or 44.83%, to close on July 17, 2012, at $1.12 per share, on unusually heavy trading volume.
INDUSTRY CLASSIFICATION:
SIC Code: 1700
Sector: Services
Industry: Business Services
| COMPANY/ISSUER NAME: | Lime Energy Co. |
| COMPANY/ISSUER TICKER: | LIME |
| COMPANY WEBSITE: |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Jeffrey Satterfield, et al. v. Lime Energy Co., et al. | |||||||||||||||||
| |||||||||||||||||
| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint for Violations of the Federal Securities Laws | |||
| Type: Complaint | Date on the document: 07/20/2012 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 07/20/2012 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
WARNING AND DISCLAIMER OF LIABILITY:
The information included on this Web site, whether provided by personnel employed by Stanford Law School or by third parties, is provided for research and teaching purposes only. Neither Stanford University, Stanford Law School, nor any of their employees, agents, contractors, or affiliates warrant the accuracy or completeness of the information or analyses displayed herein, and we caution all readers that inclusion of any information on this site does not constitute an endorsement of the truthfulness or accuracy of that information. In particular, this Web site contains complaints and other documents filed in federal and state courts, which make allegations that may or may not be accurate. No reader should, on the basis of information contained in or referenced by this Web site, assume that any of these allegations are truthful.
Go to Search page | Go to Case Index page | Back to Top