NEW YORK, NY - 
(NewMediaWire) - August 07, 2024 - Kaplan Fox & Kilsheimer LLP reminds investors that a complaint has been filed on behalf of investors that purchased Lifecore Biomedical Inc. (“Lifecore” or the “Company”) (NASDAQ: LFCR) common stock between October 7, 2020 and March 19, 2024 (the “Class Period”).
If you are an investor in Lifecore and have suffered losses, you may click here to contact us. You may also contact Kaplan Fox by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
Lifecore manufactures pharmaceutical-grade sodium hyaluronate (HA) in bulk form, as well as formulated and filled syringes and vials for injectable products used in treating a range of medical conditions and procedures.
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, the price of Lifecore shares fell $2.18 per share, over 30%, to close at $5.01 on March 20, 2024.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
