Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $75,000 In Lifecore To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $75,000 in Lifecore between October 7, 2020 and March 19, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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NEW YORK, Aug. 29, 2024 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Lifecore Biomedical, Inc. (“Lifecore” or the “Company”) (NASDAQ: LFCR) and reminds investors of the September 27, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose 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, the Company’s public statements were materially false and misleading at all relevant times.
On January 10, 2024, Lifecore revealed in a filing with the SEC that the Company could not complete the filing of its Quarterly Report on Form 10-Q for the period ended November 26, 2023, as it continued to finalize the restatement of certain previously issued consolidated financial statements “and the preparation and review processes in support of the Annual Report on Form 10-K for the fiscal year ended May 28, 2023 [] and of the Quarterly Report on Form 10-Q for the period ended August 27, 2023 [], which delay could not be eliminated by the Company without unreasonable effort and expense.”
On this news, Lifecore’s stock price fell $0.28 per share, or 3.98%, to close at $6.75 per share on January 11, 2024.
On January 12, 2024, Lifecore issued a press release announcing that the Company received a notification letter from the Listing Qualifications Department of NASDAQ indicating that “as a result of the Company’s delay in filing its Quarterly Report on Form 10-Q for the fiscal quarter ended November 29, 2023 [] and its continued delay in filing its Annual Report on Form 10-K for the period ended May 28, 2023 [] and its Quarterly Report on Form 10-Q for the fiscal quarter ended August 27, 2023 [] with the [SEC]” the Company was not in compliance with the requirements for continued listing under Nasdaq Listing Rule 5250(c)(1).
On this news, Lifecore’s stock price fell $0.11 per share, or 1.6%, to close at $6.76 per share on January 16, 2024.
On February 16, 2024, Lifecore issued a press release announcing that the Company received a Staff Delisting Determination from the Listing Qualifications Department of NASDAQ “notifying the Company that [NASDAQ] has initiated a process which could result in the delisting of the Company’s securities from [NASDAQ] as a result of the Company not being in compliance with Nasdaq Listing Rule 5250(c)(1).” Specifically, Lifecore stated that the Staff Determination was issued “because the Company has not filed its Annual Report on Form 10-K for the fiscal year ended May 28, 2023 [] or its Quarterly Reports on Form 10-Q for the quarterly periods ended August 27, 2023 [] and November 29, 2023 [] by the Extension Deadline.”
On this news, Lifecore’s stock price fell $0.16 per share, or 1.95%, to close at $8.03 per share on February 20, 2024. Nonetheless, Lifecore reiterated in the same press release that the Company intended to appeal the Staff Determination and was “working diligently to file the delinquent periodic reports as soon as possible to regain compliance with the Listing Rule.”
Finally, on March 20, 2024, Lifecore filed its Annual Report on Form 10-K for the fiscal year ended May 28, 2023 with the SEC (the “2023 10-K”). Specifically, the 2023 10-K revealed that, despite Lifecore’s previous restatements and purported implementation of a remediation plan, the Company’s Audit Committee had concluded that Lifecore’s previously issued consolidated financial statements as of and for the fiscal years ended May 29, 2022 and May 30, 2021, the Company’s unaudited consolidated financial statements as of and for the periods ending August 30, 2020, November 29, 2020, February 28, 2021, August 29, 2021, November 28, 2021, February 27, 2022, August 28, 2022, November 27, 2022 and February 26, 2023 (collectively, the “Prior Financial Statements”), should no longer be relied upon and that the Company needed to restate the Prior Financial Statements. Further, the 2023 10-K stated that the determination resulted from the identification of errors in the Prior Financial Statements related to adjustments involving the calculation of capitalized interest, valuation of inventories, and certain other adjustments related to previously divested businesses reflected in the Prior Financial Statements. In addition, the Company adjusted certain other items that were previously identified in the Prior Financial Statements and concluded as immaterial, individually and in the aggregate, to the Prior Financial Statements.
On this news, Lifecore’s stock price fell $2.18 per share, or 30.32%, to close at $5.01 per share on March 20, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Lifecore’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Lifecore class action, go to www.faruqilaw.com/LFCR or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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