Lifecore Biomedical, Inc. (LFCR)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Lifecore Biomedical, Inc. (“Lifecore” or “the Company”) (NASDAQ: LFCR). Investors who purchased Lifecore securities are encouraged to obtain additional information and assist the investigation.
The investigation concerns whether Lifecore has violated federal securities laws.
Investigation Details:
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 (1) 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 and (2) 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.
What’s Next?
If you are aware of any facts relating to this investigation or purchased Lifecore securities, you can assist this investigation. You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660.
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Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson