Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Lifecore Biomedical, Inc. (LFCR)

Core Viewpoint - Lifecore Biomedical, Inc. is facing a class action lawsuit due to significant financial reporting issues, leading to a substantial drop in stock price and investor losses [3][4]. Group 1: Class Action Details - The class action is on behalf of investors who acquired Lifecore securities between October 7, 2020, and March 19, 2024, with a deadline to file a lead plaintiff motion by September 27, 2024 [1][6]. - Investors who suffered losses can inquire about pursuing claims under federal securities laws [2][6]. Group 2: Financial Reporting Issues - Lifecore's Audit Committee announced that previous financial statements for fiscal years 2022, 2021, and part of 2020 are no longer reliable and will require restatement due to errors in capitalized interest calculation, inventory valuation, and adjustments related to divested businesses [3][4]. - Following this announcement, Lifecore's stock price fell by $2.18, or 30.3%, closing at $5.01 per share on March 20, 2024, indicating significant investor injury [3]. Group 3: Allegations Against Defendants - The complaint alleges that Lifecore's management made materially false and misleading statements and failed to disclose adverse facts about the company's operations and financial health [4]. - Specific allegations include deficient internal controls over financial reporting, ineffective remediation efforts, and overstated financial position and prospects [4].