NEW YORK, May 14, 2024 (GLOBE NEWSWIRE) -- Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Harbor Diversified, Inc. (“Harbor Diversified” or “the Company”) (OTC: HRBR) and certain of its officers.
Class Definition:
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Harbor Diversified securities between May 10, 2022 and March 29, 2024, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: bgandg.com/HRBR.
Case Details:
According to the Complaint, Harbor Diversified describes itself as “a non-operating holding company that is the parent of a consolidated group of subsidiaries, including AWAC Aviation, Inc. (‘AWAC’), which is the sole member of Air Wisconsin Airlines LLC (‘Air Wisconsin’), a regional air carrier. Harbor is also the direct parent of three other subsidiaries: (1) Lotus Aviation Leasing, LLC (‘Lotus’), which leases flight equipment to Air Wisconsin, (2) Air Wisconsin Funding LLC (‘AWF’), which provides flight equipment financing to Air Wisconsin, and (3) Harbor Therapeutics, Inc. (‘Therapeutics’), which is a non-operating entity with no material assets.”
The Complaint alleges that Harbor Diversified made materially false and/or misleading statements because the Company misrepresented and failed to disclose the following adverse facts pertaining to the Company’s business, operations, and prospects, which were known to Defendants or recklessly disregarded by them. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
(1) Harbor Diversified’s financial statements from May 9, 2022 to the present were misstated due to improper revenue recognition;
(2) Harbor Diversified lacked adequate internal controls; and
(3) as a result, Harbor Diversified’s statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all times.
The truth began to emerge, according to the Complaint, on March 29, 2024, when Harbor Diversified filed with the SEC a current report on Form 8-K in which it announced that certain of its previously-issued financial statements would need to be restated as a result of improper revenue recognition. Further, Harbor Diversified disclosed a material weakness in its internal controls that has the company’s management evaluating “appropriate remediation actions.”
On this news, according to the Complaint, the price of Harbor Diversified stock fell by $0.28 per share, or14.25%, to close at $1.73 on April 1, 2024.
Therefore, the Complaint further alleges that as a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Harbor Diversified’s common shares, investors have suffered significant losses and damages.
What’s Next?
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm’s site: bgandg.com/HRBR or you may contact Peretz Bronstein, Esq. or his Client Relations Manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss in Harbor Diversified you have until July 8, 2024, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as lead plaintiff.
There is No Cost to You
We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys’ fees, usually a percentage of the total recovery, only if we are successful.
Why Bronstein, Gewirtz & Grossman:
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Nathan Miller,
332-239-2660 | info@bgandg.com
