NEW YORK, March 10, 2023 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the United States District Court for the Middle District of Florida on behalf of those who acquired Alico, Inc. (“Alico” or the “Company”) ALCO Securities during the period from 4 February 2021 to 13 December 2022 (the “Collection Period”). Investors have until April 18, 2023 to petition the court to be named lead plaintiff in the lawsuit.

Alico is involved in various agricultural activities and operations, including orchards, livestock, sugarcane, turf and forestry.

On December 6, 2022, Alico issued a press release announcing that the company was rescheduling its year-end conference call. Specifically, the press release states that “additional time is required to complete the review of its financial results for the period ended September 30, 2022 by its independent registered public accounting firm.” As a result of this news, the price of Alico shares fell $3.06 per share, or approximately 10.40%, from $29.41 per share to a closing price of $26.35 on December 6, 2022.

On December 13, 2022, Alico filed its 2022 10-K with the SEC stating that there were accounting errors in its financial statements from 2015 through 2019. This resulted in a cumulative reduction in the deferred tax liability of approximately $2,512,000 and a cumulative increase in retained earnings of approximately $2,512,000. As a result of this news, the price of Alico shares fell $2.64 per share, or approximately 9.53%, from $27.69 per share to a closing price of $25.05 on December 14, 2022.

The Complaint alleges that during the Class Period, the Defendants made false and/or misleading statements and failed to disclose the following: (i) Alico had deficient disclosure controls and procedures and internal controls over financial reporting; (ii) as a result, the Company miscalculated Alico’s deferred tax liability over a multi-year period; (iii) accordingly the…