The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of Wisconsin on behalf of those who acquired Harbor Diversified, Inc. (“Harbor Diversified” or the “Company”) (OTC: HRBR) securities during the period of May 10, 2022 and March 29, 2024, inclusive (“the Class Period”). Investors have until July 8, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[Click here to learn more about the class action]
On March 29, 2024, Harbor Diversified disclosed that its previously issued financial statements as of December 2022 should no longer be relied upon due to misstatements related to the accounting for certain revenue under the capacity purchase agreement previously entered into between Air Wisconsin Airlines LLC, a wholly owned subsidiary of the Company, and United Airlines, Inc. On this news, the price of Harbor Diversified shares declined by $0.29 per share, or approximately 14.3%, from $2.02 per share on March 28, 2024 to close at $1.73 on April 1, 2024.
The lawsuit alleges that the Company made materially 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; and (2) Harbor Diversified lacked adequate internal controls.
If you purchased or otherwise acquired Harbor Diversified securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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