L&L Forms Independent Special Committee to Examine Short Seller Allegations
SEATTLE, Sept. 20, 2013 /PRNewswire/ — L&L Energy, Inc. (NASDAQ: “LLEN”) (“L&L” or the “Company”), a U.S.-based company with a track record of profitable energy (coal) operations in China, today announced that it has formed a special independent committee to conduct a review of the allegations made by the GeoInvesting blog released yesterday.
The special committee is chaired by Mohan Datwani, Chair of the Audit Committee and independent director. Mr. Datwani, an experienced attorney, was formerly a partner of a large international law firm. Three other Independent Directors have also been appointed to the special committee: Joe Borich, a career federal official and former US Consul General to Shanghai under the US Embassy to China, Dr. Syd Peng, PhD., a world renowned underground mining expert, and Jingcai Yang, former senior executive for the world’s largest coal company, Shenhua Group.
Mark Bartlett of Davis Wright Tremaine (“DWT”) has been retained by the committee as legal counsel. Mr. Bartlett formerly served as a First Assistant U.S. Attorney with the U.S. Department of Justice for nine years.
The special committee will conduct an independent and thorough review of the allegations in the GeoInvesting blog and intends to make the appropriate disclosures to shareholders promptly upon completion of the review. Further, the special independent committee will instruct the Company on further legal matters.
For further information, please contact:
L&L Energy Inc.
Gary Dvorchak, CFA
Senior Vice President
U.S.: +1 (310) 954-1123
China: +86 (10) 6583-7528
SOURCE L&L Energy, Inc.