- L&L Energy (LLEN -34.8%) plunges after GeoInvesting says it is preparing to file a "whistleblower report" to the NASDAQ and SEC that will accuse the company of defrauding investors by booking substantial revenue from operations that have been idled.
- GeoInvesting says LLEN's string of acquisitions and divestitures of various properties in recent years amounts to "a bait and switch shell game," where the company claimed to come into possession of assets through swap transactions that never occurred through the exchange of assets it never owned.
- Also, the report will claim revenue of $77.6M LLEN says was generated from its Hong Xing coal washing factory actually was near zero.
L&L Energy -34% as GeoInvesting accuses it of defrauding investors
Sep 19 2013, 10:50 ET