NEWTOWN, Pa., May 20, 2024 (GLOBE NEWSWIRE) -- Edelson Lechtzin LLP, a leading class action law firm, is investigating securities fraud claims on behalf of investors of Harbor Diversified, Inc. (OTC: HRBR) between May 10, 2022, and March 29, 2024, inclusive (the “Class Period”).
Investors who purchased Harbor Diversified stock may move the U.S. District Court for the Eastern District of Wisconsin to appoint them as lead plaintiff, no later than July 8, 2024. Please contact Edelson Lechtzin LLP at 844-696-7492 to discuss your investment losses, or by e-mail at elechtzin@edelson-law.com. A copy of the Complaint can be viewed HERE.
Background on Harbor Diversified, Inc.
Headquartered in Appleton, Wisconsin, Harbor Diversified specializes in providing air transportation services within the United States. Additionally, the company is involved in the leasing and financing of flight equipment.
The Securities Fraud Claims
Throughout the Class Period, the Complaint alleges that Defendants made false and misleading statements and material omissions about the company’s business, operations, and prospects. Specifically, Defendants failed to disclose that: (i) Harbor Diversified’ s financial statements from May 9, 2022, to the present were misstated due to improper revenue recognition; and (ii) Harbor Diversified lacked adequate internal controls.
On March 29, 2024, Harbor Diversified filed a report with the SEC disclosing that it needed to correct certain of its previously released financial statements due to improper revenue recognition. Additionally, they disclosed a significant weakness in their internal controls. On this news, the price of Harbor Diversified stock fell by $0.28 per share, or 14.25%, to close at $1.73 on April 1, 2024.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: medelson@edelson-law.com
Email: elechtzin@edelson-law.com
Web: www.edelson-law.com
Edelson Lechtzin LLP is a leading class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
