L & L Energy To Delist From NASDAQ

(RTTNews) - L & L Energy Inc (LLEN, a U.S.-based company with coal operations in China, said Tuesday it has notified the NASDAQ Stock Market of its plan to delist its common stock.

In November, NASDAQ placed a trading halt on L&L's common stock, and last month, the Department of Justice and the Securities Exchange Commission announced charges against the company's former Chairman and CEO Dickson Lee.

The SEC claimed that L & L Energy and Dickson Lee created a false appearance that the company was run by a professional team and concealed Lee's total control of the company.

From August 2008 to June 2009, L & L and Lee misrepresented that it had certain persons serving in executive roles, while in reality, no such persons served.

Lee, who resigned on April 1, has denied the charges.

Counsel for Lee said, "We deny these allegations completely. These charges stem from very old claims that occurred in 2008 and early 2009. At that time, this was a very small company that was just starting to experience substantial growth."