A securities class action has been filed in the USDC – M.D.FL. against Alico, Inc. (ALCO) on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Alico securities between February 4, 2021 through December 13, 2022.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, 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;
- as a result, the Company had improperly calculated Alico’s deferred tax liabilities over a multi-year period;
- accordingly, the Company would likely be required to restate one or more of its previously issued financial statements;
- 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
- as a result, the Company’s public statements were materially false and misleading at all relevant times.
The Company disclosed that on December 12, 2022, 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. Specifically, Alico stated that “the 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.”
On this news, Alico’s stock price fell $2.64 per share, or 9.53%, to close at $25.05 per share on December 14, 2022.
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