Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Lifecore Biomedical, Inc. (“Lifecore” or the “Company”) (NASDAQ: LFCR) securities between October 7, 2020 and March 19, 2024, inclusive (the “Class Period”). Lifecore investors have until September 27, 2024 to file a lead plaintiff motion.
Investors suffering losses on their Lifecore investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On March 20, 2024, Lifecore released its Annual Report for the fiscal year 2023 revealing that, despite previous restatements and remediation plans, the Company’s Audit Committee had determined that Lifecore’s previously issued financial statements for fiscal years 2022, 2021, and part of 2020 should no longer be relied upon and would need to be restated to “correct errors involving the calculation of capitalized interest, valuation of inventories, and certain other adjustments related to previously divested businesses reflected in the Prior Financial Statements.”
On this news, Lifecore’s stock price fell $2.18, or 30.3%, to close at $5.01 per share on March 20, 2024, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Lifecore maintained deficient internal controls over financial reporting; (2) as a result, the Company issued several financial statements that were inaccurate and would need to be restated; (3) Lifecore’s purported remediation efforts with respect to the foregoing deficiencies were ineffective; (4) all of the foregoing impaired Lifecore’s ability to timely file periodic reports with the SEC in compliance with NASDAQ listing requirements; (5) accordingly, the Company’s financial position and/or prospects were materially overstated; and (6) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Lifecore securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240731002097/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
