NEW YORK, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, announces the filing of a class action lawsuit against Alico, Inc. (NASDAQ: ALCO) (“Alico” or the “Company”) for violations of the federal securities laws on behalf of investors who purchased or otherwise acquired Alico securities between February 4, 2021 to December 13, 2022, inclusive (the “Class Period”).

On February 17, 2023, a complaint was filed against Alico and certain of its current and former officers alleging that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Alico had deficient disclosure controls and procedures and internal control over financial reporting; (ii) as a result, the Company had improperly calculated Alico’s deferred tax liabilities over a multi-year period; (iii) accordingly, the Company would likely be required to restate one or more of its previously issued financial statements; (iv) the foregoing would impede the timely completion of the audit of the Company’s financial results in advance of its year-end earnings call; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.

When investors learned the truth, Alico’s common stock declined precipitously, injuring investors.

If you suffered a loss in Alico’s securities, and wish to participate, or learn more, click here, or please contact our attorneys at (914) 733-7234 or via email at investigations@lowey.com.

Any investor who wishes to serve as Lead Plaintiff must act before April 18, 2023.

About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has recovered billions of dollars on behalf of its clients.

Contact:
Lowey Dannenberg P.C.
44 South Broadway, Suite 1100
White Plains, NY 10601
Tel: (914) 733-7234
Email: investigations@lowey.com

SOURCE: Lowey Dannenberg P.C.