Class Action Filed Against Lifecore Biomedical for Securities Fraud

Charleston, South Carolina, August 9, 2024 – Poulin Willey Anastopoulo LLC has initiated a class action lawsuit in the United States District Court for the District of Minnesota on behalf of investors who purchased securities of Lifecore Biomedical, Inc. (NASDAQ: LFCR) during the period from October 7, 2020, to March 19, 2024. The lawsuit alleges that Lifecore, a contract development and manufacturing organization, made materially false and misleading statements about its business operations and financial health throughout the specified Class Period. The complaint outlines several key allegations against Lifecore and its executives, including the maintenance of inadequate internal controls over financial reporting, leading to inaccurate financial statements that required restatement. It further claims that Lifecore's purported remediation efforts were ineffective, impairing the company's ability to comply with SEC reporting requirements and overstating its financial position and prospects. As a result, the company’s public statements were deemed misleading. Beginning on October 7, 2022, Lifecore faced a series of adverse disclosures that caused its stock value to plummet, ultimately losing at least half of its value during the Class Period. Investors who acquired Lifecore securities are encouraged to contact the firm before the lead plaintiff motion deadline of September 27, 2024, to participate in the litigation. Stuart J. Guber, the firm’s Director of Shareholder Services and Securities Litigation, is available for inquiries, bringing nearly 35 years of experience in representing investors in securities class actions. Partner Roy Willey IV, recognized for his expertise in high-stakes litigation, also plays a key role in the case.