|Branham Law, LLP Investigationg Lime Energy Co. on Behalf of Stockholders|
Dallas, Texas, July 23, 2012-Branham Law, LLP announces that it is investigating Lime Energy Company (“Lime Energy” or the “Company”)(NASDAQ:LIME) as well as certain of its officers for alleged violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and the accompanying SEC rules. The investigation focuses on the period between May 13, 2010 and July 17, 2012 (the “Investigation Period”).
Lime Energy provides clean energy solutions which are advertised to include consulting services targeted at reducing their customers’ energy consumption while at the same time reducing maintenance costs and lowering greenhouse gas emissions.
The investigation focuses on concerns regarding possible false and/or misleading statements and the failure to disclose material adverse facts about the Company’s business, operations, and prospects. It appears that Lime Energy was improperly recording revenue which resulted in the overstatement of revenues and other financial benchmarks. These errors resulted in inaccurate financial statements. These problems give rise to the larger concern that the Company is operating with a lack of adequate internal and financial controls.
“We are very concerned about the apparent misrepresentations during these periods and their effects on shareholders,” said Trey Branham, the Managing Partner of Branham Law, LLP.