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Linn Energy LLC (NASDAQ: LINE) Investor Securities Class Action Lawsuit 07/09/2013

  • If you purchased shares of Linn Energy LLC (NASDAQ:LINE), 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

Case Dismissed
Company
Linn Energy LLC
Security
NASDAQ: LINE

Case Name
Linn Energy Shareholder Class Action Lawsuit 07/09/2013
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of Texas

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

July 7, 2014 - The court granted the defendants' motions to dismiss with prejudice.
November 4, 2014 - The defendants filed motions to dismiss.

October 15, 2013 - The plaintiffs filed an amended complaint.

September 9. 2013 - Lead plaintiff motions were filed.

July 9, 2013 - An investor in shares of Linn Energy LLC (NASDAQ: LINE) filed a lawsuit in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws by Linn Energy LLC in connection with certain allegedly false and misleading statements made between April 28, 2011 and July 1, 2013.

According to the complaint the plaintiff alleges on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Linn Energy LLC (NASDAQ: LINE) between April 28, 2011 and July 1, 2013, that Linn Energy LLC and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff alleges that Defendants made allegedly false and/or misleading statements and/or failed to disclose that Linn Energy LLC engaged in improper accounting for its hedging strategy, including the failure to properly treat certain hedging costs invested in derivatives as expenses, that Linn Energy LLC was overstating the cash flow available for distribution to unit holders by improperly using non-GAAP financial measures to account for certain derivatives including put options on natural gas, that Linn Energy LLC’s energy production was not increasing, despite its heavy capital expenditures, and that as a result of the foregoing, Linn Energy LLC’s statements were materially false and misleading at all relevant times.

On July 1, 2013, Linn Energy LLC (NASDAQ: LINE) and LinnCo LLC (NASDAQ: LNCO) announced that they have been notified by the staff of the Securities and Exchange Commission ( SEC ) that its Fort Worth Regional Office has commenced a private, non-public inquiry regarding Linn Energy LLC and LinnCo LLC. The SEC has requested the preservation of documents and communications that are potentially relevant to, among other things, LinnCo LLC's proposed merger with Berry Petroleum Company, and Linn Energy LLC and LinnCo LLC's use of non-GAAP financial measures and hedging strategy.

Shares of Linn Energy LLC (NASDAQ: LINE) dropped from $33.29 per share on July 1, 2013 to $20.555 per share on July 5, 2013.

On July 12, 2013, NASDAQ: LINE shares closed at $24.84 per share.