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Case Status:    ONGOING    
On or around 05/23/2014 (Ongoing date of last review)

Filing Date: August 26, 2011

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.

COMPANY INFORMATION:

Sector: Energy
Industry: Coal
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: LLEN
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: W.D. Washington
DOCKET #: 11-CV-01423
JUDGE: Hon.Robert S. Lasnik
DATE FILED: 08/26/2011
CLASS PERIOD START: 08/13/2009
CLASS PERIOD END: 08/02/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Smith & Lowney, PLLC
    2317 East John St., Smith & Lowney, PLLC, WA 98112
    206.860.2883 206.860.4187 · info@smithandlowney.com
  2. The Rosen Law Firm P.A. (New York)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm P.A. (New York), NY 10016
    (212) 686-1060 (212) 202-3827 ·
No Document Title Filing Date
COURT: W.D. Washington
DOCKET #: 11-CV-01423
JUDGE: Hon.Robert S. Lasnik
DATE FILED: 02/08/2012
CLASS PERIOD START: 08/13/2009
CLASS PERIOD END: 08/02/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Smith & Lowney, PLLC
    2317 East John St., Smith & Lowney, PLLC, WA 98112
    206.860.2883 206.860.4187 · info@smithandlowney.com
  2. The Rosen Law Firm, P.A. (New York)
    350 Fifth Avenue, Suite 5508, The Rosen Law Firm, P.A. (New York), NY 10118
    212.686.1060 212.202.3827 · lrosen@rosenlegal.com
No Document Title Filing Date