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Alico, Inc. (ALCO) Misconduct Case
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- Alico, Inc. (ALCO) restated previously issued the audited consolidated financial report.
- Alico’s (ALCO) stock price fell 9.53%, damaging Investors.
- Investors of Alico, Inc. (ALCO) suspect the Company, its Leaders and its Auditor could conduct multiple violations.
On December 13, 2022, Alico, Inc. (ALCO) filed with the SEC its Annual Report on Form 10-K for the year ended September 30, 2022, where it “restated 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, 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.”
- Alico, Inc. (ALCO) also disclosed that “on December 12, 2022, 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.”
- The Company disclosed that “the 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 (ALCO) stock price dropped over 9%, seriously damaging Investors.
Taking all representations and consequent facts into account, Investors have reasons to suspect the Company, its Leaders, and/or the Service providers of multiple violations which could lead to significant investment damages.
Failure to Disclose,
Shock Event Date
13 December 2022