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This lawsuit is for anyone who acquired securities in Lifecore Biomedical, Inc. (NASDAQ: LFCR) from October 7, 2020 through March 19, 2024.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the Company maintained sufficient controls over financial reporting when the Company actually maintained deficient internal controls over financial reporting and, as a result, the Company issued several financial statements that were inaccurate and would need to be restated.
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, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Lifecore Biomedical, Inc. (NASDAQ: LFCR) from October 7, 2020 through March 19, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
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