NEW YORK, April 1, 2024 – , April 01, 2024 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Harbor Diversified, Inc. (“Harbor” or the “Company”) (OTC: HRBR) on behalf of Harbor stockholders. Our investigation concerns whether Harbor has violated the federal securities laws and/or engaged in other unlawful business practices.
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On March 29, 2024, Harbor filed a Current Report on Form 8-K with the United States Securities and Exchange Commission which revealed that, on March 26, 2024, the audit committee (the “Audit Committee”) of the board of directors of Harbor concluded, after considering the recommendations of management, that the Company’s previously issued (i) consolidated financial statements and related disclosures as of and for the year ended December 31, 2022 contained in the Company’s Annual Report on Form 10-K, (ii) interim consolidated financial statements and related disclosures contained in the Quarterly Reports on Form 10-Q as of and for the first three quarters of the year ended December 31, 2022, and (iii) interim consolidated financial statements and related disclosures contained in the Quarterly Reports on Form 10-Q as of and for the first three quarters of the year ended December 31, 2023 (collectively, the “Non-Reliance Periods”) should no longer be relied upon due to misstatements contained in such financial statements, and that such financial statements should be restated.
In addition, the Company indicated that the Audit Committee’s conclusion was based on management’s review of the accounting for certain revenue under the capacity purchase agreement (the “United Agreement”) previously entered into between Air Wisconsin Airlines LLC, a wholly owned subsidiary of the Company, and United Airlines, Inc. Specifically, management determined that the decision to recognize all of the approximately $52.3 million in revenue and interest income in the consolidated financial statements and related disclosures prepared for the Non-Reliance Periods relating to certain disputed amounts under the United Agreement was not consistent with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers.
On this news, Harbor’s stock price fell $0.29 per share, or 14.25%, to close at $1.73 per share on April 1, 2024, the next trading day.
If you purchased or otherwise acquired Harbor shares and suffered a loss, are a long-term stockholder, have information, 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 Brandon Walker or Marion Passmore by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
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