NEW YORK, May 6, 2024 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Harbor Diversified, Inc. ("Harbor" or the "Company") (OTC: HRBR). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Harbor and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On March 29, 2024, Harbor filed a Current Report on Form 8-K with the United States Securities and Exchange Commission which revealed that, on March 26, 2024, the audit committee (the "Audit Committee") of the board of directors of Harbor concluded, after considering the recommendations of management, that the Company's previously issued (i) consolidated financial statements and related disclosures as of and for the year ended December 31, 2022 contained in the Company's Annual Report on Form 10-K, (ii) interim consolidated financial statements and related disclosures contained in the Quarterly Reports on Form 10-Q as of and for the first three quarters of the year ended December 31, 2022, and (iii) interim consolidated financial statements and related disclosures contained in the Quarterly Reports on Form 10-Q as of and for the first three quarters of the year ended December 31, 2023 (collectively, the "Non-Reliance Periods") should no longer be relied upon due to misstatements contained in such financial statements, and that such financial statements should be restated.
In addition, the Company indicated that the Audit Committee's conclusion was based on management's review of the accounting for certain revenue under the capacity purchase agreement (the "United Agreement") previously entered into between Air Wisconsin Airlines LLC, a wholly owned subsidiary of the Company, and United Airlines, Inc. Specifically, management determined that the decision to recognize all of the approximately $52.3 million in revenue and interest income in the consolidated financial statements and related disclosures prepared for the Non-Reliance Periods relating to certain disputed amounts under the United Agreement was not consistent with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers.
On this news, Harbor's stock price fell $0.29 per share, or 14.25%, to close at $1.73 per share on April 1, 2024, the next trading day.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
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SOURCE Pomerantz LLP
