SOURCE: Saxena White P.A.
BOCA RATON, FL--(Marketwire - Jul 20, 2012) - Saxena White P.A. has filed a securities fraud class action lawsuit in the United States District Court for the Northern District of Illinois against Lime Energy Company ("Lime" or the "Company") (NASDAQ: LIME) on behalf of investors who purchased or otherwise acquired the common stock of the Company during the period from May 14, 2010 through July 16, 2012 (the "Class Period"). The complaint brings forth claims for violations of the Securities Exchange Act of 1934.
Lime provides clean energy solutions that assist clients in the achievement of their energy efficiency and renewable energy goals. On July 17, 2012, the Company announced that its financial statements for the years ended 2010 and 2011, and for the quarterly period ended on March 31, 2012, could no longer be relied upon. The determination made by Lime's Audit Committee was based on the results of a partial internal review conducted by the Company's management which caused the Company to believe that some portion of the Company's revenue was improperly recorded. According to the Company's press release, in some instances it appeared that non-existent revenue may have been recorded and in other instances it appeared that revenue may have been recorded earlier than what was appropriate. Lime expects the misreporting may potentially require a restatement of the affected financial statements.
In reaction to the Company's announcement, Lime's stock price plunged 44.83% to close at $1.12 per share on July 17, 2012.
You may obtain a copy of the complaint and join the class action at www.saxenawhite.com. If you purchased Lime stock between May 14, 2010 and July 16, 2012, inclusive, you may contact Joe White or Marc Grobler at Saxena White P.A. to discuss your rights and interests.
If you purchased Lime common stock during the Class Period of May 14, 2010 through July 16, 2012, inclusive, and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than September 18, 2012. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.
Saxena White P.A., located in Boca Raton, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.