L& L Energy, Inc. LLEN
("L&L" or the "Company"), a U.S.-based company with a track record of
profitable energy (coal) operations in China, today responded to the
GeoInvesting allegations made on seekingalpha.com.
The Board of Directors of L&L Energy states that it is unaware of inaccuracy
with respect to material facts or material omission contained in its filings
with the United States Securities and Exchange Commission. The Company
further believes GeoInvesting's report to be inaccurate and
defamatory. GeoInvesting has disclosed its short position in L&L, and
therefore stands to realize significant gains by releasing this report,
anticipating the Company's share price to decline.
Dickson Lee, Chairman and CEO, commented, "GeoInvesting has made false and
misleading statements about the Company in the past, while admitting they were
actively shorting our stock. We were informed that there were unusually high
put option activities yesterday which are set to expire tomorrow. GeoInvesting
has made no attempt to reach out to L&L to discuss or verify any of these
false allegations. We will exhaust our resources to respond and protect our
shareholders, including exploring filing formal complaints with the
appropriate regulatory bodies."
L&L's Independent Board Members are forming a special committee with counsel's
guidance to fully investigate this allegation.
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