NEW YORK, July 18, 2012 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP is investigating claims on behalf of investors who purchased Lime Energy Co. ("Lime Energy") securities. Such investors are advised to contact Rachelle R. Boyle at firstname.lastname@example.org or 888-476-6529, ext. 237.
The investigation concerns whether Lime Energy made materially false and misleading statements and omissions regarding its financial performance. On July 17, 2012, Lime announced the results of an Internal Preliminary Review. It was revealed that the Company's Audit Committee determined that Lime's consolidated financial statements on Form 10-K for the periods ended December 31, 2010 and December 31, 2011 and quarterly report on Form 10-Q for the period ended March 31, 2012 could no longer be relied upon.
The Company made the following announcement: "Based on the results of that partial internal review, the Company's management and the Audit Committee believe that some portion of the Company's revenue was improperly recorded. In some cases, it appears that non-existent revenue may have been recorded. In other cases, it appears that revenue may have been recorded earlier than it should have been. The review did not turn up any indication of improper customer billing." On this news, shares of Lime Energy plummeted $0.91 or 44.83% to close at $1.12.
The Pomerantz Firm, with offices in New York and Chicago, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 75 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of defrauded investors. See www.pomerantzlaw.com.
CONTACT: Rachelle R. Boyle Pomerantz Haudek Grossman & Gross LLP email@example.com