SAN DIEGO, July 15, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of LinnCo LLC (LNCO) common stock over alleged violations of Federal Securities Laws by LinnCo LLC, certain of LinnCo's officers and directors, and the underwriters involved in LinnCo's initial public offering ("IPO") on October 12, 2012.
Investors who purchased shares of LinnCo LLC (LNCO) in or traceable to LinnCo's IPO on October 12, 2012 to July 1, 2013, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges that the defendants violated Sections 11 and 15 of the Securities Act of 1933 by issuing an allegedly materially false and misleading IPO Registration Statement. More specifically, the plaintiff claims that certain metrics set forth in the Registration Statement were not, contrary to representation in the Registration Statement, accurate or reliable measures of Linn Energy's ability to make distributions because these metrics did not, among other issues, reflect the cost to Linn Energy of settled put options.
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 will acquire all of Berry Petroleum's outstanding shares.
Units of LinnCo LLC (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. 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's use of non-GAAP financial measures and hedging strategy.
Shares of LinnCo LLC (LNCO) dropped from $37.07 on July 1, 2013, to $23.61 on July 5, 2013.
The plaintiff seeks to recover damages.
Those who purchased shares of Vitamin Shoppe Inc have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.