Lifecore Biomedical, Inc.
Case Overview
45 Days Left to Seek Lead Plaintiff
Lead Plaintiff Deadline: | Lead Plaintiff Deadline: 09/27/2024 |
Status: | Status: Investigating |
Company Name: | Company Name: Lifecore Biomedical, Inc. |
Court: | Court: District of Minnesota |
Case Number: | Case Number: 0:24cv03028 |
Class Period: | Class Period: 10/07/2020 - 03/19/2024 |
Ticker: | Ticker: LFCR |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Minnesota on behalf of those who acquired Lifecore Biomedical, Inc. (“Lifecore” or the “Company”) (NASDAQ: LFCR) securities during the period of October 7, 2020 to March 19, 2024, inclusive (“the Class Period”). Investors have until September 27, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Between September 2022 and February 2024, Lifecore’s share price declined in response to a series of disclosures concerning material weaknesses in internal control over financial reporting, and delays in making required filings with the U.S. Securities and Exchange Commission (SEC).
The lawsuit alleges that (i) Lifecore maintained deficient internal controls over financial reporting; (ii) as a result, the Company issued several financial statements that were inaccurate and would need to be restated; (iii) Lifecore’s purported remediation efforts with respect to the foregoing deficiencies were ineffective; (iv) all of the foregoing impaired Lifecore’s ability to timely file periodic reports with the SEC in compliance with NASDAQ listing requirements; and (v) accordingly, the Company’s financial position and/or prospects were materially overstated.
Between September 2022 and February 2024, Lifecore’s share price declined in response to a series of disclosures concerning material weaknesses in internal control over financial reporting, and delays in making required filings with the U.S. Securities and Exchange Commission (SEC).
The lawsuit alleges that (i) Lifecore maintained deficient internal controls over financial reporting; (ii) as a result, the Company issued several financial statements that were inaccurate and would need to be restated; (iii) Lifecore’s purported remediation efforts with respect to the foregoing deficiencies were ineffective; (iv) all of the foregoing impaired Lifecore’s ability to timely file periodic reports with the SEC in compliance with NASDAQ listing requirements; and (v) accordingly, the Company’s financial position and/or prospects were materially overstated.