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LFCR.US
id: 1297

Lifecore Biomedical (LFCR) Week Financial Controls Case

The settlement terms have been submitted to the court for approval.
$3,750,000
Cash Settlement
D. Minnesota
Court
0:24-cv-03028
Case number
10/07/2020
Class period Start
03/19/2024
Class period End
  • $LFCR stockholder filed a claim against Lifecore Biomedical for weak controls that led to inaccurate statements and overstated prospects.
  • After the news on March 20, 2024, $LFCR fell by 30%.
  • Lifecore investors can join this case to be notified about potential recovery.
Case Details:

On March 20, 2024, Lifecore announced that its financial statements for 2022, 2021, and part of 2020 are incorrect and need to be restated.

The errors include miscalculations in capitalized interest and inventory valuation.

On this news, $LFCR fell by 30.3% on the same day.

Based on these events, a $LFCR stockholder filed a claim against Lifecore and its leaders, accusing them of the following:
  • Lifecore’s weak internal controls caused inaccurate financial statements that need restatement.
  • Remediation efforts failed, affecting timely SEC filings and NASDAQ compliance.
  • Consequently, this led to an overstatement of the company’s financial position.
Considering all the representations, investors suspect that Lifecore’s weak controls led to inaccurate statements that need restatement and overstated financials.
Case Type
US Securities Class Action
Case Status
Stipulative Settlement
Alleged Offence
Mismanagement, 
Misleading Statements, 
Omissions
Suspected Party
Directors, 
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.2
Filing date
07/29/2024
Lead Plaintiff Deadline
09/27/2024
Plaintiffs
David Carew
Attorneys
Lockridge Grindal Nauen P.L.L.P. (Minneapolis , MN), Pomerantz LLP (New York, NY)
Defendants
Albert D. Bolles, James G. Hall, Brian McLaughlin, John Morberg
Judge
Hon. Jerry W. Blackwell
Administrator
Strategic Claims Services
Attorney fee
$1,250,000
Trades matching type
FIFO

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