Charleston, South Carolina, Aug. 09, 2024 (GLOBE NEWSWIRE) -- Poulin Willey Anastopoulo LLC announces that a class action has been filed in the United States District Court for the District of Minnesota on behalf of all persons and entities that purchased or otherwise acquired (or owned) the securities of Lifecore Biomedical, Inc. (“LFCR” or the “Company”) (NASDAQ: LFCR) between October 7, 2020, and March 19, 2024, both dates inclusive (the “Class Period”). The Company, together with its subsidiaries, operates as an integrated contract development and manufacturing organization in the U.S. and internationally, purportedly designing, developing, manufacturing, and selling differentiated products for biomaterials markets, and license technology applications to partners.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and products. Specifically, the Complaint alleges Defendants disseminated false and/or misleading statements and/or failed to disclose that: (i) LFCR maintained deficient internal controls over financial reporting; (ii) as a result, LFCR 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 effective; (iv) all of the foregoing impaired the Company’s ability to timely file periodic reports with the SEC in compliance with NASDAQ listing requirements; (v) accordingly, LFCR’s financial position and/or prospects were materially overstated; and (vi) as a result, the Company’s public statements were materially false and misleading at all relevant times.
According to the Complaint, beginning on October 7, 2022, and then on numerous occasions during the Class Period, Defendants made adverse disclosures causing the Company’s stock to decline in value with each adverse announcement. The Company’s stock lost at least half its value during the Class Period.
Investors who purchased or otherwise acquired (or currently own) LFCR securities should contact the Firm before September 27, 2024, the lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this securities class action, please contact Ahmad Jackson at 803-222-222 or via e-mail at ahmad.jackson@poulinwilley.com.
Any additional questions may be directed to Stuart J. Guber, Esq, at stuart.guber@poulinwilley.com, the Firm’s Director of Shareholder Services and Securities Litigation, with almost 35 years of experience representing public pension funds, Taft-Hartley union pension plans and health & welfare funds, and high net-worth investors and other individuals in securities class actions and opt-out litigation.
"In addition, firm partner Roy Willey IV has served as counsel in class actions and multi-district litigations across the country. He brings a creative, problem-solving based approach to handling cases for consumers, investors and others harmed through no fault of their own. As a result, he has been repeatedly named among America’s Top 100 High Stakes Litigators, Best Lawyers, and Super Lawyers. "
Poulin | Willey | Anastopoulo has offices in Florence, Charleston, Ladson, Columbia, Greenville, Lexington, Myrtle Beach, Rock Hill, and Hampton, South Carolina. Charlotte and Lumberton, North Carolina. Atlanta, Albany, Athens, Augusta, Columbus and Macon in Georgia. Visit: RespectResults.com to learn more.
Contact: Stuart J. Guber Director of Shareholder Services and Securities Litigation Email: stuart.guber@poulinwilley.com
