An investigation for investors in Alico, Inc. (NASDAQ:ALCO) shares over potential securities laws violations by Alico, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 01/19/2023 -- Alico, Inc. is under investigation over potential securities laws violations by Alico, Inc. in connection with certain statements.
Investors who purchased shares of Alico, Inc. (NASDAQ: ALCO), have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether certain statements by Alico, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Fort Myers, FL based Alico, Inc., together with its subsidiaries, operates as an agribusiness and land management company in the United States. On December 13, 2022, Alico, Inc. Error! Hyperlink reference not valid.issued its 10-K form for the year ending September 30, 2022. The company disclosed "restate[d] the Company's previously issued audited consolidated balance sheet, audited consolidated statements of changes in equity and related disclosures as of September 30, 2021, included in the Company's Annual Report on Form 10-K for the year ended September 30, 2021 (the '2021 10-K') previously filed with the SEC and the Company's previously issued unaudited consolidated balance sheet, unaudited consolidated statements of changes in equity and related disclosures as of the end of each quarterly periods ended June 30, 2022, March 31, 2022, December 31, 2021, June 30, 2021, March 31, 2021, and December 31, 2020, included in the Company's respective Quarterly Report on Form 10-Q for each of the quarters then ended previously filed with the SEC (together with the 2021 10-K, the 'Financial Statements')." Along with this, the company also stated "[o]n December 12, 2022, the audit committee (the 'Audit Committee') of the board of directors of the Company concluded that the Company's previously issued Financial Statements can no longer be relied upon due to an error identified during the completion of the 2022 10-K." In particular, Alico stated that "[t]he error that led to the Audit Committee's conclusion relates to the calculation of the deferred tax liabilities for the fiscal years 2015 through 2019, which resulted in a cumulative reduction in the Company's deferred tax liability, and a corresponding cumulative increase in retained earnings, of approximately $2,512,000 on the Company's balance sheet as of September 30, 2022."
Shares of Alico, Inc. (NASDAQ: ALCO) declined from $43.26 per share on June 3, 2022, to as low as $23.00 per share on December 20, 2022.
Those who purchased shares of Alico, Inc. (NASDAQ: ALCO) have certain options and should contact the Shareholders Foundation.
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