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LinnCo LLC (NASDAQ: LNCO) Investor Securities Class Action Lawsuit 07/10/2013

  • If you purchased shares of LinnCo LLC (NASDAQ: LNCO), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
LinnCo LLC
Security
NASDAQ: LNCO

Case Name
LinnCo Shareholder Class Action Lawsuit 07/10/2013
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

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Summary

October 1, 2013 - The plaintiff filed a notice of voluntary dismissal.
July 23, 2013 - Another investor filed a complaint.

July 10, 2013 - An investor in shares of LinnCo LLC (NASDAQ: LNCO) filed a lawsuit in the U.S. District Court for the Southern District of New York against LinnCo LLC over alleged violations of Federal Securities Laws in relation to LinnCo LLC’s initial public offering (“IPO”) on October 12, 2012.

According to the complaint the plaintiff alleges that the defendants violated Sections 11 and 15 the Securities Act of 1933 by issuing allegedly materially false and misleading IPO Registration Statement.

On Jan. 11, 2012 LINN Energy LLC announced that it planned to conduct a public offering of 17,000,000 units of its limited liability company interests.

On Oct. 2, 2012 LINN Energy LLC announced that LinnCo LLC, a wholly-owned subsidiary of LINN Energy, has commenced an initial public offering of 30,250,000 common shares representing limited liability company interests in LinnCo LLC.

On Oct. 11, 2012 LINN Energy LLC announced the pricing of the initial public offering of 30,250,000 common shares of LinnCo LLC at $36.50 per common share.

On February 21, 2013 LINN Energy LLC, LinnCo LLC and Berry Petroleum Company announced the signing of a merger agreement pursuant to which LINN Energy and LinnCo LLC will acquire all of Berry Petroleum’s outstanding shares for total consideration of $4.3 billion, including the assumption of debt.

Units of LinnCo LLC (NASDAQ: LNCO) reached in April 2013 $42.80 per share.

Then on July 1, 2013, LINN Energy, LLC and LinnCo LLC 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 and LinnCo LLC. The SEC has requested the preservation of documents and communications that are potentially relevant to, among other things, LinnCo's proposed merger with Berry Petroleum Company, and LINN Energy and LinnCo LLC's use of non-GAAP financial measures and hedging strategy.

Units of LinnCo LLC (NASDAQ: LNCO) dropped from $37.07 per unit on July 1, 2013, to $23.61 per unit on July 5, 2013.