--- title: "Lifecore reports July hearing on securities class action settlement" url: "https://aibio.space/news/lifecore-reports-july-hearing-securities-class-action-settlement/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-10-20" section: "Legal" tickers: "NASDAQ:LFCR" source: "https://www.sec.gov/Archives/edgar/data/1005286/000100528626000033/lfcr-20260630.htm" summary: "Carew v. Lifecore Biomedical names the company and unnamed executive officers. The final approval hearing was held on July 28, 2026. A separate New York su" --- By the aibio.space news desk. Sources - [Lifecore Biomedical 10-Q for the quarter ended June 30, 2026 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1005286/000100528626000033/lfcr-20260630.htm) - [Lifecore Biomedical 10-K for the year ended May 26, 2024 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1005286/000100528624000124/lndc-20240526.htm) - [Landec Corporation 10-K for the year ended May 31, 2020 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1005286/000100528620000004/lndc-20200531.htm) - [Lifecore Biomedical 8-K dated September 27, 2026 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1005286/000114036126037767/ef20082009_8k.htm) - [Lifecore Biomedical 8-K dated October 16, 2026 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1005286/000100528626000040/lfcr-20261016.htm) [LFCR](https://aibio.space/companies/lifecore-biomedical/) 2026-10-20 # Lifecore reports July hearing on securities class action settlement Tickers [LFCR](https://aibio.space/companies/lifecore-biomedical/) Carew v. Lifecore Biomedical names the company and unnamed executive officers. The final approval hearing was held on July 28, 2026. A separate New York suit by 22NW Fund continues against the company. ## Key facts - **Company**: Lifecore Biomedical, Inc. (NASDAQ: LFCR) - **News type**: Legal - **Primary source**: [Lifecore Biomedical 10-Q for the quarter ended June 30, 2026 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1005286/000100528626000033/lfcr-20260630.htm) *The facade of a neoclassical court building at dusk. Photo: Carol M Highsmith, CC0, via rawpixel. The picture shows the field, not the companies named.* Lifecore Biomedical, Inc. (Nasdaq: [LFCR](https://aibio.space/companies/lifecore-biomedical/)) said in its [10-Q filed August 5, 2026](https://www.sec.gov/Archives/edgar/data/1005286/000100528626000033/lfcr-20260630.htm) that a federal court held the final approval hearing on July 28, 2026 for the settlement of a securities class action against it. Shareholder David Carew filed the case on July 29, 2024 in the U.S. District Court for the District of Minnesota. The company's [10-K filed August 26, 2024](https://www.sec.gov/Archives/edgar/data/1005286/000100528624000124/lndc-20240526.htm) gives the caption and number: Carew v. Lifecore Biomedical, Inc., et al., No. 0:24-cv-03028. The filings we reviewed through an [8-K dated October 16, 2026](https://www.sec.gov/Archives/edgar/data/1005286/000100528626000040/lfcr-20261016.htm) report no ruling on final approval. The defendants are Lifecore and, in the 10-Q's words, "certain of its named executive officers." No filing names those officers. The company was then called Landec Corporation. Its [10-K signed August 14, 2020](https://www.sec.gov/Archives/edgar/data/1005286/000100528620000004/lndc-20200531.htm), shortly before the class period began, lists Albert D. Bolles, Ph.D., as president and chief executive officer and Brian McLaughlin as chief financial officer. The 10-K signed August 26, 2024 lists Paul Josephs as president and chief executive officer and John D. Morberg as chief financial officer. They held those roles on those dates. No filing says they are defendants. ## The case The complaint alleges that statements made to stockholders between October 7, 2020 and March 19, 2024 about the company's financial results, internal controls, remediation efforts, periodic reporting and financial prospects were false and misleading. It claims a violation of Section 10(b) of the Securities Exchange Act of 1934. It says the individual defendants are liable as controlling persons under Section 20(a). The complaint seeks compensatory damages, court costs and attorneys' fees. ## Defendants Lifecore Biomedical, Inc. is a defendant. The individual defendants are described only as certain named executive officers, current and prior. The 10-Q says the company and the individual defendants reached the settlement, but not who they are. ## Where it stands On November 15, 2024, the court appointed co-lead plaintiffs and their counsel. They filed an amended complaint on January 24, 2025 with substantially similar allegations. Lifecore moved to dismiss on March 25, 2025, and the plaintiffs filed their opposition on May 23, 2025. In November 2025, the company and the individual defendants reached an agreement in principle with the plaintiffs to settle the case without any admission of wrongdoing. The court granted preliminary approval on March 13, 2026 and held the final approval hearing on July 28, 2026. The 10-Q does not state the settlement amount. Lifecore says it continues to believe the claims are without merit and intends to defend if the court does not approve the settlement. ## Why it matters to shareholders If the court grants final approval in its current form, the 10-Q says the settlement is expected to be covered by the company's insurance policies "with no material loss incurred by the Company." Lifecore also agreed on September 27, 2026 to be acquired by Lifecore Inc., an affiliate of Webster Equity Partners, for $6.28 per share in cash plus one contingent value right, according to an [8-K filed September 28](https://www.sec.gov/Archives/edgar/data/1005286/000114036126037767/ef20082009_8k.htm). The 8-K says milestone payments on those rights can be adjusted by up to $10 million "relating to specified litigation." It does not say which matters. The October 16 8-K set November 4, 2026 as the record date for the special meeting. ## Related matters On December 23, 2024, 22NW Fund, L.P. sued the company, two former officers and five former or current directors in New York state court, alleging misrepresentations when it bought the company's securities. On April 22, 2026, the court dismissed all claims against the individuals and all but two against the company. The remaining claims concern alleged breaches of express representations in the stock purchase agreement and registration delay fees. The company paid the fees in full in November 2025. The 10-Q does not name the individual defendants there either and says any remaining loss is not currently probable or estimable. The SEC's Chicago Regional Office issued a subpoena on February 16, 2024 about the company's restatement. On March 9, 2026, the SEC told Lifecore it had concluded its investigation with no action taken against the company. 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Cite as: aibio.space, "Lifecore reports July hearing on securities class action settlement", 2026-10-20, https://aibio.space/news/lifecore-reports-july-hearing-securities-class-action-settlement/