{"id":45642,"date":"2013-07-03T05:15:00","date_gmt":"2013-07-03T05:15:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/sec-to-investigate-linn-energys-buyout-deal-with-berry-petroleum-line\/45580\/"},"modified":"2024-08-25T18:09:17","modified_gmt":"2024-08-25T18:09:17","slug":"sec-to-investigate-linn-energys-buyout-deal-with-berry-petroleum-line","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/sec-to-investigate-linn-energys-buyout-deal-with-berry-petroleum-line\/45642\/","title":{"rendered":"SEC to Investigate Linn Energy\u2019s Buyout Deal with Berry Petroleum (LINE)"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p>Oil and natural gas firm, Linn Energy LLC (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=LINE\" target=\"_blank\" rel=\"noopener\">NASDAQ: LINE<\/a>) said on Tuesday that the <a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=BRY\" target=\"_blank\" rel=\"noopener\">NYSE: BRY<\/a>) and its accounting.<\/p>\n<p><span id=\"more-45642\"><\/span><\/p>\n<p>Linn Energy, which went public in October, agreed to acquire Berry Petroleum Company in a stock deal valued at $2.42 billion in February.<\/p>\n<p>However, Linn Energy was criticized for its accounting. In June, Hedgeye Risk Management LLC, an independent research company said the firm was using <a href=\"http:\/\/www.knowfinance.com\/category\/options\/\" target=\"_blank\" rel=\"noopener\">options<\/a> to guarantee price for its gas output,\u00a0 adding that it did not take into account the full cost of put options and other capital expenses.<\/p>\n<p>The Company said that it will be now difficult to predict over when the deal (buyout) will be closed due to SEC\u2019s inquiry.<\/p>\n<p>Earlier the Company had said that the deal was expected to close shortly once Linn Energy\u2019s shareholders\u2019 meeting was concluded in September following the release of fiscal third quarter results.<\/p>\n<p>Shares of Linn Energy plunged 18.74% in regular trading hours on Tuesday. The Stocks has now plunged to its more than three-year low.<\/p>\n<p>Shares of Berry Petroleum fell about 5.80% in regular trading hours on Tuesday.<\/p>\n<p>Meanwhile, Linn Energy shares were downgraded by two brokerage firm on Tuesday. An analyst at Raymond James said that the informal inquiry in to the proposed buyout will postpone the acquisition procedure by \u201cat least 30 days\u201d.<\/p>\n<p>The SEC has asked Linn Energy to keep documents related to the acquisition, its hedging strategy and the non-GAAP accounting records.<\/p>\n<p>&nbsp;<\/p>\n<div class=\"nr_clear\"><\/div>\n<div id=\"nrelate_popular_2\" class=\"nrelate nrelate_popular nrelate_default nr_1col nr_text\"><\/div>\n<p>\t<!--[if IE 6]>\n\t\t<script type=\"text\/javascript\">jQuery('.nrelate_default').removeClass('nrelate_default');<\/script>\n\t<![endif]--><\/p>\n<p>\t<script type=\"text\/javascript\">\n\t\/* <![CDATA[ *\/\n\t\tnRelate.domain = \"www2.thestockmarketwatch.com%2Fstock-market-news\";\n\t\tvar entity_decoded_nr_mp_url = jQuery('<span\/>').html(\"https:\/\/web.archive.org\/web\/20130709011921\/http:\/\/api.nrelate.com\/mpw_wp\/0.51.4\/?tag=nrelate_popular&domain=www2.thestockmarketwatch.com%2Fstock-market-news&url=http%3A%2F%2Fwww2.thestockmarketwatch.com%2Fstock-market-news%2Fsec-to-investigate-linn-energys-buyout-deal-with-berry-petroleum-line%2F45642&nr_div_number=2&maxageposts=7200&increment=1\").text();\n\t\tnRelate.getNrelatePosts(entity_decoded_nr_mp_url);\n\t\/* ]]&gt; *\/\n\t<\/script>\n\n\n<div class=\"nr_clear\"><\/div>\n\n\n<script id=\"mNCC\" language=\"javascript\">  medianet_width='600';  medianet_height= '250';  medianet_crid='814932888';  <\/script>  <script id=\"mNSC\" src=\"https:\/\/web.archive.org\/web\/20130709011921js_\/http:\/\/contextual.media.net\/nmedianet.js?cid=8CUT71M67\" language=\"javascript\"><\/script> \n\n\n\n\n<!-- AddThis Button BEGIN -->\n\n\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a>\n<a class=\"addthis_button_preferred_2\"><\/a>\n<a class=\"addthis_button_preferred_3\"><\/a>\n<a class=\"addthis_button_preferred_4\"><\/a>\n<a class=\"addthis_button_compact\"><\/a>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n\n\n<script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script>\n<!-- AddThis Button END -->\n\n\n\n\n<p>More Posts by this author<\/p>\n\n\n\n<ul>\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-settle-sharply-higher-silver-prices-also-rise-sharply\/45724\">\nGold Prices Settle Sharply Higher; Silver Prices Also Rise Sharply<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/citigroup-appoints-two-new-board-members-c\/45722\">\nCitigroup Appoints Two New Board Members (C)<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-hold-mild-gains\/45720\">\nStocks Hold Mild Gains<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-edge-higher-in-early-trading-23\/45716\">\nStocks Edge Higher in Early Trading<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/forex-market-update-dollar-index-eases-as-investors-book-profits\/45712\">\nForex Market Update: Dollar Index Eases as Investors Book Profits<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-and-silver-prices-gain-sharply\/45708\">\nGold and Silver Prices Gain Sharply<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stock-futures-up-5\/45706\">\nStock Futures Up<\/a><\/li>\n\n\n\n<\/ul>\n\n\n\n\n\n\n<hr>\n\n\n\n\n\n<table style=\"border:none;margin:0;\">\n\n\n<tr>\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20130709011921im_\/http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/userphoto\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n\n\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n\n\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n\n\n\n\n<div style=\"font-size:10pt;\">\n\nEd Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/div>\n\n\n<\/td>\n\n<\/tr>\n\n<\/table>\n\n\n\n\n\n\n\n<!--script type=\"text\/javascript\">\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\n<\/script>\n<script type=\"text\/javascript\"\nsrc=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script-->\n\n\t\t\t\t\t\t\n\n\t\n\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil and natural gas firm, Linn Energy LLC (NASDAQ: LINE) said on Tuesday that the NYSE: BRY) and its accounting. 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