A lawsuit was filed on behalf of investors in Alico, Inc. (NASDAQ:ALCO) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 02/27/2023 -- An investor, who purchased NASDAQ: ALCO shares, filed a lawsuit against Alico, Inc. over alleged violations of Federal Securities Laws.
Investors who purchased shares of Alico, Inc. (NASDAQ: ALCO) have certain options and for certain investors are short and strict deadlines running. Deadline: April 18, 2023. NASDAQ: ALCO investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Fort Myers, FL based Alico, Inc., together with its subsidiaries, operates as an agribusiness and land management company in the United States. Alico, Inc. operates in two segments: (i) Alico Citrus; and (ii) Land Management and Other Operations. The Alico Citrus segment cultivates citrus trees to produce citrus for delivery to the processed and fresh citrus markets. The Land Management and Other Operations segment owns and manages land in Collier, Glades, and Hendry Counties, and also leases land for recreational and grazing purposes, conservation, and mining activities.
On December 6, 2022, Alico, Inc. issued a press release announcing that the Company was postponing its year-end earnings call. Specifically, the press release stated that "additional time is required for completion of the audit of its financial results for the period ended September 30, 2022 by its independent registered public accounting firm."
Then, on December 7, 2022, Alico, Inc. issued a press release providing a further update on the delays that the Company faced in reporting fiscal year 2022 results and making the required associated filings with the U.S. Securities and Exchange Commission ("SEC"). In the press release, the Company disclosed that "[t]he key item that is requiring such additional time involves evaluation of the proper amount of the Company's Deferred Tax Liability, particularly certain portions of that Deferred Tax Liability arising in prior fiscal years, including those going back to fiscal year 2019 or possibly several years before fiscal year 2019."
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."
The plaintiff claims that between February 4, 2021 and December 13, 2022, the Defendants made false and/or misleading statements and/or failed to disclose that Alico had deficient disclosure controls and procedures and internal control over financial reporting, that as a result, the Company had improperly calculated Alico's deferred tax liabilities over a multi-year period, that accordingly, the Company would likely be required to restate one or more of its previously issued financial statements; (iv) the foregoing would impede the timely completion of the audit of the Company's financial results in advance of its year-end earnings call, and that as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Alico, Inc. (NASDAQ: ALCO) have certain options and should contact the Shareholders Foundation.
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