Feb. 05, 2013 (Shareholders Foundation) -- A current investor in shares of Lime Energy Co. (NASDAQ:LIME) filed a lawsuit against certain directors of Lime Energy Co. over alleged breached their fiduciary duties in connection with certain financial statements.
The lawsuit by an investor over alleged breaches of fiduciary duties of certain directors comes after another lawsuit was filed against Lime Energy Co. over alleged Securities Laws Violations. According to that lawsuit Lime Energy Co. 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 $95.72 million in 2010 to $120.08 million in 2011 while its Net Loss increased from $5.24 million in 2010 to $11.58 million in 2011.

Shares of Lime Energy Co. (NASDAQ:LIME) declined from as high as $7.24 per share in September 2009 to as low as $0.49 per share in December 2012.

On January 11, 2012, NASDAQ:LIME shares closed at $0.76 per share.

On July 17, 2012, Lime Energy Co. announced that an internal investigation revealed that revenue had been improperly recorded. As a result, Lime Energy Co. announced that it expected to restate its financial statements for the years 2010, 2011, and for the quarterly period ended March 31, 2012.

Shares of Lime Energy Co. (NASDAQ:LIME) declined from $2.15 per share on July 13, 2012 to $0.91 per share on July 20, 2012.

Then on December 27, 2012, Lime Energy Co. announced that the Audit Committee of the board of directors of the company determined that the company's consolidated financial statements on Form 10-K for the years ended December 31, 2008 and 2009 were also unreliable, and thus also have to be restated.

NASDAQ:LIME shares declined to as low as $0.522 per share on Jan. 30, 2013.

On Feb. 1, 2013, NASDAQ:LIMe shares closed at $0.623 per share, which is significantly below its current 52 week High of $3.55 per share.