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.