Johnson Fistel LLP Investigates Lifecore Biomedical, Inc's Directors and Officers for Breach of Fiduciary Duties and Encourages Long Term Shareholders to Reach Out for Their Options

Core Viewpoint - Johnson Fistel, LLP is investigating potential breaches of fiduciary duties by directors and officers of Lifecore Biomedical, Inc. related to financial reporting issues and class action complaints against the company [1][4]. Group 1: Investigation Details - The investigation was initiated on March 20, 2024, following Lifecore's issuance of its Annual Report on Form 10-K/A for the year ended May 29, 2022, which included restatements of financial statements due to errors in capitalized interest calculations and inventory valuations [3]. - The restatements were necessary to correct inaccuracies in several financial statements that Lifecore had previously issued, which were deemed materially false and misleading [3][4]. - A class action complaint alleges that Lifecore's management made false statements regarding the company's business operations and failed to disclose deficiencies in internal controls over financial reporting [3]. Group 2: Allegations Against Lifecore - The allegations include that Lifecore maintained deficient internal controls, leading to inaccurate financial statements that required restatement [3]. - It is claimed that Lifecore's remediation efforts regarding these deficiencies were ineffective, impairing the company's ability to file periodic reports with the SEC in compliance with NASDAQ requirements [3]. - The company's financial position and prospects were allegedly overstated, resulting in materially false and misleading public statements [3].