Investor Hits L&L Energy With Stock Drop Suit

Law360, New York (September 24, 2013, 7:07 PM EDT) -- An L&L Energy Corp. shareholder launched a class action Monday accusing the coal company of reporting investments and earnings that never existed that caused stock to drop by about 38 percent when a news report brought the allegations to light.

Rob Buker filed the suit in New York federal court against L&L Energy and its top executives, saying that the company reported millions in revenue from a factory that was closed down last year and “claimed acquisitions and divestitures of various properties through swap transactions that...
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