ENGLEWOOD CLIFFS, N.J., Oct. 11, 2011 (GLOBE NEWSWIRE) -- Gardy & Notis, LLP reminds investors of the important October 25, 2011 lead plaintiff deadline in the securities class action filed in the United States District Court for the Western District of Washington on behalf of all purchasers of shares of common stock of L&L Energy, Inc. ("L&L Energy" or the "Company") during a class period of August 13, 2009 to August 2, 2011.
The class action seeks to recover damages on behalf all individual and institutional investors who purchased or otherwise acquired shares of L&L Energy common stock during the class period. The complaint alleges violations of the federal securities laws against L&L Energy and certain of its officers and directors for issuing materially false and misleading information about the Company's internal controls and true business and financial condition. On July 29, 2011, L&L Energy amended its fiscal year 2010 10-K to disclose further internal control deficiencies within the Company. On August 2, 2011, analyst firm Glaucus Research issued a report showing that L&L Energy's 2009 financial statements filed with Chinese authorities showed much worse financial metrics than L&L Energy had represented in filings with the SEC. The report also raised a number of red flags, including that certain operating subsidiaries were not in the name of the Company. The Complaint further alleges that when this adverse information entered the market, the price of L&L Energy common stock fell thereby damaging investors.
If you purchased shares of L&L Energy common stock between August 13, 2009 and August 2, 2011, you may, no later than October 25, 2011, request that the Court appoint you as lead plaintiff for the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. You must meet certain legal requirements to serve as a lead plaintiff.
For more information regarding the lawsuit, or to obtain a copy of the complaint filed in the lawsuit, please contact Charles A. Germershausen at Gardy & Notis, LLP, 560 Sylvan Avenue, Englewood Cliffs, New Jersey 07632, Tel: 201-567-7377 or 212-905-0509, Fax: 201-567-7337.