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L&L Energy Inc (LLEN US)

Year: 2011

In August 2011, L&L Energy was targeted by short-seller Glaucus Research alleging fraud. It was claimed that L&L did not own the mines which it claimed to and that sales and profits had been made up. Five months later, in January 2012, short-seller GeoInvesting joined the fray, publishing the fist of ten reports and/or blogs. Its allegations where along the same lines as Glaucus'. In September 2013, the comapny announced the formation of special committee to investigate the allegations. Howeveer, the head of this committee resigned in November as the company's management was not cooperating. This prompted the NASDAQ to temporary halt trading in L&L's stock until it had satisfied its request for additional information. In April 2014, L&L notified the NASDAQ of its intention to voluntarily delist. In February 2015, the company's former CEO Dickson Lee was sentenced to five years in prison for securities fraud.

Last updated September 2021

The information on this page has been compiled from publicly available sources. GMT Research Limited has not verified the information and does not warrant its accuracy. Any claims made or views expressed are not necessarily those of GMT Research Limited.

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