NEW YORK, Feb. 04, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Alico, Inc. (“Alico” or the “Company”) (NASDAQ: ALCO).   Such investors are advised to contact Robert S. Willoughby at  newaction@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether Alico and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

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On December 13, 2022, Alico filed with the Securities and Exchange Commission (“SEC”) its Annual Report on Form 10-K for the year ended September 30, 2022 (the “2022 10-K”).  In the 2022 10-K, Alico “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’).”  The Company also disclosed that “[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.”  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 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.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

CONTACT: 
Robert S. Willoughby
Pomerantz LLP 
rswilloughby@pomlaw.com 
888-476-6529 ext. 7980