Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Lifecore Biomedical, Inc. (LFCR)

Core Viewpoint - A securities class action lawsuit has been filed against Lifecore Biomedical, Inc. for allegedly making materially false and misleading statements regarding its financial reporting and internal controls [2][4]. Group 1: Allegations of Misconduct - The lawsuit claims that Lifecore failed to disclose deficiencies in its internal controls over financial reporting [1][4]. - It is alleged that Lifecore issued inaccurate financial statements that would require restatement due to these deficiencies [1][4]. - The company's remediation efforts regarding these internal control deficiencies were deemed ineffective [1][4]. - Lifecore's inability to file periodic reports with the SEC in a timely manner is also highlighted as a significant issue [1][4]. - The lawsuit asserts that the company's financial position and prospects were materially overstated as a result of these issues [1][4]. Group 2: Impact on Stock Price - Following the revelation of these issues, Lifecore's stock price dropped by $2.18 per share, representing a decline of 30.32%, closing at $5.01 per share on March 20, 2024 [6]. Group 3: Class Action Details - The class action lawsuit covers all individuals or entities that purchased Lifecore securities between October 7, 2020, and March 19, 2024 [2]. - Investors are encouraged to contact the law firm representing the class action before the lead plaintiff motion deadline on September 27, 2024 [5].