Lifecore Biomedical Inc. f/k/a Landec Corporation

Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Lifecore Biomedical Inc. f/k/a Landec Corporation (NASDAQ: LFCR, LNDC) resulting from allegations that Lifecore Biomedical may have issued materially misleading business information to the investing public.

If you purchased Lifecore Biomedical securities and would like to join the prospective action, please click “Join This Class Action.”

If you purchased Lifecore Biomedical securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

Details of investigation:

On March 20, 2024, before market hours, Lifecore Biomedical filed with the SEC its annual report on Form 10-K which included, among other things and in pertinent part, “the restatement of previously issued restated consolidated financial statements as of and for the fiscal years ended May 29, 2022 (‘FY22’) and May 30, 2021 (‘FY21’)[.]”

Also on March 20, 2024, before market hours, Lifecore Biomedical issued a press release which announced that its “Board of Directors unanimously concluded that the best way to maximize value for stockholders at this time is to continue executing on the Company’s standalone strategic plan.” The press release also announced that “in connection with the conclusion of its strategic evaluation process, the Company announced that it has appointed Paul Josephs as the Company’s new President and Chief Executive Officer,” and that he is expected to join the Company’s Board of Directors. Further, the press release announced that “Craig Barbarosh, the Company’s Board Chair, has informed the Board of Directors that he intends to not stand for reelection”.

On this news, Lifecore Biomedical’s stock fell $2.18 per share, or 30%, to close at $5.01 per share on March 20, 2024 on unusually heavy trading volume.

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Company Name: Lifecore Biomedical Inc. f/k/a Landec Corporation
Stock Symbol: LFCR, LNDC
Class Period: N/A
Court: N/A

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