Alico, Inc. Class Action Lawsuit - ALCO
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The Alico class action lawsuit seeks to represent purchasers or acquirers of Alico, Inc. (NASDAQ: ALCO) securities between February 4, 2021 and December 13, 2022, inclusive (the “Class Period”). Captioned Sinder v. Alico, Inc., No. 23-cv-00107 (M.D. Fla.), the Alico class action lawsuit charges Alico and certain of Alico’s top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Alico class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at email@example.com. Lead plaintiff motions for the Alico class action lawsuit must be filed with the court no later than April 18, 2023.
CASE ALLEGATIONS: Alico operates as an agribusiness and land management company in the United States.
The Alico class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Alico had deficient disclosure controls and procedures and internal control over financial reporting; (ii) as a result, Alico had improperly calculated Alico’s deferred tax liabilities over a multi-year period; (iii) accordingly, Alico 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 Alico’s financial results in advance of its year-ending earnings call.
On December 6, 2022, Alico announced that it was postponing its year-end earnings call, stating 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.” On this news, the price of Alico stock fell more than 10%.
Then, on December 13, 2022, Alico announced that it was restating its previously issued financial statements for the quarters ended June 30, 2022, March 31, 2022, December 31, 2021, June 30, 2021, March 31, 2021, and December 31, 2020. Alico further announced that Alico’s Audit Committee “concluded that [Alico’s] previously issued Financial Statements can no longer be relied upon due to an error identified during the completion of the 2022 10-K.” Specifically, 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 [Alico’s] deferred tax liability, and a corresponding cumulative increase in retained earnings, of approximately $2,512,000 on [Alico’s] balance sheet as of September 30, 2022.” On this news, the price of Alico stock declined by more than 9%, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Alico securities during the Class Period to seek appointment as lead plaintiff in the Alico class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Alico class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Alico class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Alico class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.