US Energy Co. Can't Ditch Class Action Over China Revenue

Law360, Los Angeles (December 3, 2013, 3:41 PM EST) -- A Seattle-based producer of coal from mines in China can’t ditch a securities class action alleging it lied about revenue on three annual reports, triggering a plunge in the stock price when investors found out, according to a ruling Tuesday.

U.S. District Judge Robert S. Lasnick on Tuesday found that putative lead plaintiff Jeff Mills had sufficiently argued that L&L Energy Inc.’s CEO, Dickson Lee, knew the company didn’t own two Chinese mines it claimed revenue from in 2009, 2010 and 2011.

Lee and the company...
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