LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz reminds investors of the upcoming September 27, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Lifecore Biomedical, Inc. (“Lifecore” or the “Company”) (NASDAQ: LFCR) securities between October 7, 2020 and March 19, 2024, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
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.
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If you purchased or otherwise acquired Lifecore securities during the Class Period, you may move the Court no later than September 27, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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