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Lime Energy Co (NASDAQ: LIME) Investor Securities Class Action Lawsuit 07/20/2012

  • If you purchased shares of Lime Energy Co (NASDAQ: LIME), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Lime Energy Co.
Security
NASDAQ: LIME

Case Name
Lime Energy Shareholder Class Action Lawsuit 07/20/2012
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of Illinois

Class Period Begin
Class Period End
Deadline To File for Lead
Settlement Notice
lime_energy_co_settlement_notice_1_2014.pdf
Settlement Proof
lime_energy_co_settlement_proof_1_2014.pdf
Filed Complaint
lime_energy_co_original_filing_edited_7_2012.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$2,500,000.00
Deadline to Participate in Settlement

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Summary

January 29, 2015 - The court ordered the authorization of the distribution of the net settlement fund.
June 4, 2014 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

January 28, 2014 - The court preliminarily approved the settlement.

January 21, 2014 - Parties filed a stipulation of settlement.

May 15, 2013 - The defendants filed a motion to dismiss.

January 18, 2013 - The lead plaintiffs filed an amended complaint on behalf of investors who purchased Lime Energy Co (NASDAQ: LIME) common shares between May 14, 2008 and December 27, 2012. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between May 14, 2008 and December 27, 2012.

September 18, 2012 - Lead plaintiff motions were filed.

July 20, 2012 - An investor in shares of Lime Energy Co (NASDAQ: LIME) filed a lawsuit in the U.S. District Court for the Northern District of Illinois against Lime Energy Co over alleged violations of Federal Securities Laws.

According to the complaint the plaintiff alleges, on behalf of purchasers of Lime Energy Co (NASDAQ: LIME) common stock during the period between May 13, 2010 and July 17, 2012, that Lime Energy Co and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading financial information.

Lime Energy Co (NASDAQ: LIME) reported that its annual revenue rose from $54.98 million in 2008 to $120.08 million in 2011. However, its net loss increased from $5.24 million in 2010 to $11.58 million in 2011.

Then on July 17, 2012, Lime Energy Co announced that on Sunday, July 15, 2012, the Audit Committee of the Board of Directors of Lime Energy Co determined that its consolidated financial statements on Form 10-K for the periods ended December 31, 2010 and December 31, 2011 and quarterly report on Form 10-Q for the period ended March 31, 2012 (the “affected financial statements”) may no longer be relied upon.

The plaintiff alleges that that Lime Energy Co improperly recognized revenue on non-existent revenue, and in other cases, improperly recorded revenue earlier than the Lime Energy Co should have.

Shares of Lime Energy Co (NASDAQ: LIME) dropped from $2.03 per share on July 16, 2012 to $0.908 on July 17, 2012.

On July 20, 2012, Lime Energy Co (NASDAQ: LIME) shares closed at $0.91 per share.

lime_energy_co_original_filing_edited_7_2012.pdf
Date Settled