An energy firm recently reached a settlement with its shareholders over an outstanding securities class action lawsuit.
Law office Pomerantz, LLP, recently announced that Lime Energy Company came to a preliminary settlement agreement for those shareholders who purchased stock during the class period between May 14, 2008, and Dec. 27, 2012. The U.S. District Court for the Northern District of Illinois will have district judge Sara Ellis hold a hearing on May 13, 2014.
When this hearing commences, the judge will work to determine a number of class action settlement aspects. This includes whether or not the settlement class should be certified, if the $2.5 million settlement is fair and adequate for the class, as well as if the settlement should be dismissed altogether. Attorneys' fees will also be examined during this process, among other issues.
Those shareholders who purchased shares during the class period may need to determine if they have the proper paperwork in order to find out if they are eligible to receive their share of the settlement. This includes the proof of claim and release form, notice of proposed settlement of class actions, final approval hearing and motion for attorneys' fees and expenses. The claims administrator can distribute this information.
It is important that those who plan to share in the settlement fill out and file their proof of claim form by June 12, 2014. Every qualified class member will be subject to the judgment unless they exclude themselves from the class by April 29, 2014. Objections would also need to be filed on that day.
In order to learn more information about the settlement process, it is possible to speak with the law office. The best contact is Leigh Handelman Smollar, who can be reached by email or mail.
Significant revenue issues for Lime Energy Co.
Lime Energy saw problems when it released an examination of its financial statements, and it found that approximately $31 million of its earnings were misreported or outright false, according to a report from the Charlotte Business Journal from August 2013. Lime Energy leaders noted that the discovery prompted them to get rid of seven of the company's employees.
Even with the issues, the company was still positive about its potential future growth, the news source added. Lime Energy's leaders had hope that righting this wrong would help it move forward.