27 Jul '12, 1pm

Lime Energy, or Lemon Energy?: Filed under: Energy News

Last week, when Lime Energy (NASD:LIME) announced that an internal investigation by its audit committee had revealed up to $15 million in misreported revenue, my first instinct was to sell , especially because the misreported revenue included not only revenue assigned to the wrong period, but possibly completely fictitious revenue. Whenever a company reveals accounting problems, it's bad. But there are levels of bad. As Garvin Jabusch, Cofounder and CIO of Green Alpha Advisors and manager of the Sierra Club Green Alpha Portfolio put it, "The revelation that the company may have recorded “non-existent revenue” is a major concern. Somewhat less concerning is “Revenue being reported earlier than it should have been,” which is a violation of the matching principle, and is a relatively easy mistake to make and can be readily forgiven if properly restated. But the term “non-exis...

Full article: http://www.altenergystocks.com/archives/2012/07/lime_ener...

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