Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of Alico, Inc. (ALCO) on Behalf of Investors

Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Alico, Inc. (“Alico” or the “Company”) (NASDAQ: ALCO) investors concerning the Company’s possible violations of the federal securities laws.

If you suffered a loss on your Alico investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Alico-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On December 6, 2022, Alico announced that it needed additional time for the “completion of the audit of its financial results for the period ended September 30, 2022 by its independent registered public accounting firm” and was postponing its year-end earnings call.

On this news, Alico’s stock price fell $3.06, or 10.4%, to close at $26.29 per share on December 6, 2022, thereby injuring investors.

Then, on December 7, 2022, Alico provided a further update on the delays that it faced in reporting its financial results, disclosing that the “key item” requiring 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.”

Then, on December 13, 2022, Alico filed its 2022 Annual Report, restating its previously issued 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 for 2021, as well as prior statements for interim periods of fiscal 2021 and 2022. Specifically, an error related to the calculation of the deferred tax liabilities for fiscal 2015 through 2019 “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, or 9.5%, to close at $25.05 per share on December 14, 2022, thereby injuring investors further.

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Whistleblower Notice: Persons with non-public information regarding Alico should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email shareholders@glancylaw.com.

About GPM

Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.

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