July 19, 2012 (Shareholders Foundation) -- An investigation on behalf of investors in Lime Energy Co. (NASDAQ:LIME) shares over potential securities laws violations by certain officers and directors at Lime Energy Co. in connection with certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Lime Energy Co. (NASDAQ:LIME) concerning whether the company, certain of its officers and directors, or others have possibly violated federal securities laws. Specifically, the investigation concerns whether certain statements about Lime Energys business, its prospects and its operations were potentially materially false and misleading at the time they were made.

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

Then on July 17, 2012, Lime Energy Co. (NASDAQ:LIME) 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.

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