Lifecore Biomedical, Inc. Class Action Alert: Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a securities class action lawsuit has been filed in the United States District Court for the District of Minnesota against Lifecore Biomedical, Inc.
Upcoming Lead Plaintiff Deadline is September 27, 2024
NEW YORK, Aug. 2, 2024 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP ("Wolf Haldenstein") announces that a federal securities class action lawsuit has been filed in the United States District Court for the District of Minnesota on behalf of those who acquired Lifecore Biomedical, Inc. ("Lifecore" or the "Company") (NASDAQ: LFCR) securities during the period of October 7, 2020 to March 19,
2024, inclusive ("the Class Period").
All investors who purchased shares and incurred losses are advised to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses, you may, no later than September 27, 2024, request that the Court appoint you as the lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.
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Between September 2022 and February 2024, Lifecore's share price declined in response to a series of disclosures concerning material weaknesses in internal control over financial reporting, and delays in making required filings with the United States Securities and Exchange Commission ("SEC)".
The filed complaint alleges that:
- Lifecore maintained deficient internal controls over financial reporting;
- as a result, the Company issued several financial statements that were inaccurate and would need to be restated;
- Lifecore's purported remediation efforts with respect to the foregoing deficiencies were ineffective;
- all the foregoing impaired Lifecore's ability to timely file periodic reports with the SEC in compliance with NASDAQ listing requirements; and
- accordingly, the Company's financial position and/or prospects were materially overstated.
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.
Wolf Haldenstein has experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas, and offices in New York, Chicago, Nashville and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at [email protected].
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
SOURCE Wolf Haldenstein Adler Freeman & Herz LLP
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