Businessweek

On 05/16/2013, Lime Energy Co. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.

Lime Energy Co. announced that on April 17, 2013, it received a letter from The NASDAQ Stock Market LLC (NASDAQ) notifying it that it was not in compliance with NASDAQ Listing Rule 5250(c)(1) because it had not yet filed its Annual Report on Form 10-K for the year ended December 31, 2012 and that the Additional Deficiency served as an additional basis for delisting the Company’s common stock from the NASDAQ Stock Market. That letter also formally notified the Company the Panel would consider the Additional Deficiency in their decision regarding the Company’s continued listing on the NASDAQ Stock Market. The Company expects to present its views with respect to the Additional Deficiency no later than April 24, 2013. As previously disclosed, the Company received a notice from the NASDAQ Listing Qualifications Staff on January 9, 2013 regarding the Company’s failure to satisfy NASDAQ Listing Rule 5250(c)(1) because it had not filed its Quarterly Reports on Form 10-Q for the periods ended June 30, and September 30, 2012, and that as a result its common stock was subject to delisting from the NASDAQ Stock Market. The Company requested a hearing before the NASDAQ Hearings Panel (the “Panel”) to review the listing determination and to request that the Panel grant it additional time to regain compliance on February 21, 2013 and on March 6, 2013, the Panel granted the Company’s request for continued listing of its common stock on the NASDAQ Stock Market, subject to certain conditions, including the condition that on or before August 9, 2013, the Company shall file its Form 10-K for the year ended December 31, 2012. The Company expects that it will file its Annual Report on Form 10-K for the year ended December 31, 2012 on or before June 30, 2013. The Company also expects that it will file restated financial information for the years ended December 31, 2008, December 31, 2009, December 3, 2010 and December 31, 2011 and for the quarter ended March 31, 2012 on or before June 30, 2013. As previously disclosed, the Company’s Audit Committee has determined that the Company’s consolidated financial statements for the Affected Periods could not be relied on. The Company also expects that it will file its financial statements for the quarters ended June 30, 2012 and September 30, 2012 on or before June 30, 2013.

On 04/02/2013, Lime Energy Co. announced that they will be unable to file their next 10-K by the deadline required by the SEC.

A current investor in shares of Lime Energy Co. filed a lawsuit against certain directors of Lime Energy Co. over alleged breached their fiduciary duties in connection with certain financial statements. The lawsuit by an investor over alleged breaches of fiduciary duties of certain directors comes after another lawsuit was filed against Lime Energy Co. over alleged Securities Laws Violations. According to that lawsuit Lime Energy Co. violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading financial information.

Lime Energy Co. announced that, on March 6, 2013, it received a letter from The NASDAQ Stock Market LLC (NASDAQ) notifying the company that a NASDAQ Listing Qualifications Panel granted the company’s request for continued listing of its common stock on The NASDAQ Capital. The company’s continued listing is subject to the following conditions: on or before June 30, 2013, the company shall have restated financial statements for fiscal 2008, 2009, 2010 and 2011 on file with the Securities and Exchange Commission (SEC); on or before July 31, 2013, the company shall file its Form 10-Q for the quarters ended March 31, June 30 and September 31, 2012; and on or before August 9, 2013, the company shall file its Form 10-K for the year ended December 31, 2012 and its Form 10-Q for the quarter ended March 31, 2013. As previously disclosed, the company received a notice from the NASDAQ Listing Qualifications Staff on January 9, 2013 regarding the company’s failure to satisfy NASDAQ Listing Rule 5250(c)(1) because the company had not filed its Quarterly Reports on Form 10-Q for the periods ended June 30, and September 30, 2012, and that as a result the company’s common stock was subject to delisting from NASDAQ. The company requested a hearing before the Panel to review the listing determination and to request that the Panel grant the company additional time to regain compliance. The hearing was held on February 21, 2013. The company is required to provide prompt notification to NASDAQ of any significant events during the exception period, including any events that may call into question the company’s historical financial information or that may impact the company’s ability to maintain compliance with any NASDAQ listing requirement or exception deadline. During the exception period, the company must be able to demonstrate compliance with all requirements for continued listing on NASDAQ. In the event the company is unable to do so, its securities may be delisted from NASDAQ.