Kirby McInerney LLP Announces Investigation of Shareholder Claims Against Harbor Diversified, Inc. (HRBR)

By: Kirby McInerney LLP via GlobeNewswire

April 02, 2024 at 17:47 PM EDT

NEW YORK, April 02, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP is investigating potential claims against Harbor Diversified, Inc. (“Harbor” or the “Company”) (OTC: HRBR). The investigation concerns whether Harbor and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.

[Click here to learn more about the investigation]

On March 29, 2024, Harbor filed a Current Report on Form 8-K with the U.S. Securities and Exchange Commission (“SEC”) which revealed that, on March 26, 2024, the Audit Committee of the Board of Directors of Harbor concluded that the Company’s previously issued (i) consolidated financial statements and related disclosures as of and for the year ended December 31, 2022 contained in the Company’s Annual Report on Form 10-K, (ii) interim consolidated financial statements and related disclosures contained in the Forms 10-Q as of and for the first three quarters of the year ended December 31, 2022, and (iii) interim consolidated financial statements and related disclosures contained in the Quarterly Reports on Form 10-Q as of and for the first three quarters of the year ended December 31, 2023 should no longer be relied upon due to misstatements contained in such financial statements, and that such financial statements should be restated.

In addition, the Company indicated that the Audit Committee’s conclusion was based on management’s review of the accounting for certain revenue under the capacity purchase agreement previously entered into between Air Wisconsin Airlines LLC, a wholly owned subsidiary of the Company, and United Airlines, Inc (the “United Agreement”). Specifically, management determined that the decision to recognize all of the approximately $52.3 million in revenue and interest income in the consolidated financial statements and related disclosures prepared for the Non-Reliance Periods relating to certain disputed amounts under the United Agreement was not consistent with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers. On this news, the price of Harbor shares declined by $0.29 per share, or approximately 14.25%, from $2.02 on March 28, 2024 to close at $1.73 per share on April 1, 2024.

If you purchased or otherwise acquired Harbor securities, have information, or would like to learn more about this investigation, contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com