SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims on Behalf of Investors of Lifecore Biomedical, Inc. - LFCR

NEW YORK, April 12, 2024 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Lifecore Biomedical, Inc. ("Lifecore" or the "Company") (NASDAQ: LFCR).  Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.  

The investigation concerns whether Lifecore and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

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On March 20, 2024, Lifecore filed its Annual Report on Form 10-K for the fiscal year ended May 28, 2023 with the United States Securities and Exchange Commission ("SEC") (the "2023 10-K"), which revealed that 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 included in the Company's Form 10-K/A, 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 included in the Company's Quarterly Reports on Form 10-Q or 10-Q/A filed with the SEC (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 "this 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 has 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.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.   

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CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

SOURCE Pomerantz LLP