$3.75M Lifecore Biomedical Misled Investors for Nearly Four Years, Here’s How to Claim Your Share Before July 7

Lifecore Biomedical Inc. (formerly Landec Corp., Nasdaq: LFCR) and certain executives agreed to pay $3,750,000 to settle a securities class action lawsuit alleging the company misled investors about its internal financial controls, the accuracy of its financial statements, and whether it was actually meeting Nasdaq’s listing requirements. Investors who bought or acquired Lifecore securities between October 7, 2020, and March 19, 2024 may be eligible to file a claim. The deadline to file is July 7, 2026.

Quick Facts

Field	Detail
Settlement Amount	$3,750,000
Claim Deadline	July 7, 2026
Who Qualifies	Purchasers of Lifecore Biomedical (LFCR / LNDC) securities from Oct. 7, 2020 – Mar. 19, 2024
Estimated Payout	~$0.12 per damaged share (after deductions)
Proof Required	Yes — brokerage records required
Settlement Status	Open for Claims
Administrator	Strategic Claims Services
Official Website	strategicclaims.net/case/lifecore

Where Things Stand Right Now

• The claims filing deadline, exclusion deadline, and objection deadline are all July 7, 2026. The final settlement hearing is scheduled for July 28, 2026 at 10:30 a.m.
• Strategic Claims Services is actively sending notices to class members now.
• If the court grants final approval on July 28, payouts will follow once all claims are processed and any appeals are resolved.

Lifecore Told Investors Its Books Were Fine — They Weren’t

Lifecore Biomedical makes pharmaceutical-grade hyaluronic acid used in eye surgery and other medical applications. The company trades on Nasdaq under the ticker LFCR — and before a 2022 rebrand, it traded as Landec Corp. under LNDC.

The complaint alleges that throughout the class period, Lifecore and certain executives made materially false and misleading statements and failed to disclose that the company maintained deficient internal controls over financial reporting, that it had issued several financial statements that were inaccurate and would need to be restated, and that its remediation efforts to fix those deficiencies were ineffective.

The complaint further alleges that all of the foregoing impaired Lifecore’s ability to timely file periodic reports with the SEC in compliance with Nasdaq listing requirements, meaning the company’s financial position and prospects were materially overstated — and as a result, the company’s public statements were materially false and misleading throughout the relevant period. 

When that reality finally came out through a series of corrective disclosures, Lifecore’s stock price fell, and investors who bought at inflated prices absorbed the losses. Lifecore denies all wrongdoing but agreed to the $3,750,000 settlement to avoid the cost and risk of continued litigation.

You Bought LFCR Stock Between 2020 and 2024 — Does This Cover You?

The settlement includes all persons and entities who purchased or otherwise acquired Lifecore Biomedical Inc. securities between Oct. 7, 2020, and March 19, 2024, inclusive, and suffered damages as a result.

You may qualify if you meet one or more of the following:

• You may qualify if you purchased or acquired Lifecore common stock (Nasdaq: LFCR, formerly Landec Corp., Nasdaq: LNDC) at any point between October 7, 2020, and March 19, 2024.
• You may qualify if you purchased call options or sold (written) put options with Lifecore common stock as the underlying security during the class period.
• You may qualify if you are an institutional investor, fund, trust, estate, or other legal entity that acquired Lifecore securities during the class period — each separate legal entity must submit its own claim.
• You may qualify if you are an executor, administrator, guardian, conservator, or trustee filing on behalf of a qualifying investor, provided you can supply proof of authority.

You do not qualify if you held Lifecore securities exclusively through a mutual fund — though the mutual fund itself may be eligible to file. You also do not qualify if your calculated recognized loss comes out to less than $10, as the settlement administrator will not issue payments below that threshold.

Related article: $360K West Coast Self Storage Shorted Property Managers on Overtime Settlement, Here’s How to Get Paid Before May 11

How the Math Works — And What $0.12 Per Share Actually Means

The estimated average recovery is approximately $0.20 per allegedly damaged share before deductions for attorneys’ fees, expenses, and awards to lead plaintiffs. After these deductions, the estimated average recovery is approximately $0.12 per allegedly damaged share.

That figure is an average — your actual recovery depends on when you bought, when you sold, and how much artificial inflation the court-approved plan of allocation assigns to each trading day. Here is exactly how the plan calculates recognized losses:

• Shares sold before October 10, 2022: Recognized loss is $0. These sales predated the corrective disclosures that allegedly caused investor harm.
• Shares sold from October 10, 2022 through March 19, 2024: Recognized loss equals the artificial inflation on your purchase date minus the artificial inflation on your sale date.
• Shares sold from March 20, 2024 through June 17, 2024 (the 90-day lookback window): Recognized loss is the lesser of: (a) the artificial inflation on your purchase date, or (b) your purchase price minus the 90-day lookback value on the date of sale.
• Shares still held as of June 17, 2024: Recognized loss is the lesser of: (a) the artificial inflation on your purchase date, or (b) your purchase price minus $5.96 — the average closing price during the 90-day lookback period.

The settlement caps claims for Lifecore call and put options at 1% of the net settlement fund, and the settlement administrator will set any recognized loss that calculates to a negative number to $0.

The full artificial inflation table — showing the exact dollar amount of alleged inflation for every trading day during the class period — appears on page 16 of the official class notice at strategicclaims.net/case/lifecore.

Here is how the $3,750,000 fund breaks down before payments reach investors:

• Attorneys’ fees: up to $1,250,000
• Attorneys’ expenses: up to $175,000
• Service awards to lead plaintiffs: up to $4,000 total
• Settlement administration costs: TBD
• Cash payments to class members: remainder of the fund

How to File Your Claim Before the July 7 Deadline

Step 1 — Go to the official online claim portal at strategicclaims.net/case/lifecore/form or download the PDF claim form from the same page to complete and mail it.

Step 2 — Enter your personal details and the last four digits of your Social Security number or taxpayer identification number.

Step 3 — Enter your complete Lifecore transaction history, including: holdings as of the close of trading on October 6, 2020; all purchases and acquisitions of Lifecore securities from October 7, 2020 through June 17, 2024; all sales from October 7, 2020 through June 17, 2024; and holdings as of the close of trading on June 17, 2024.

Step 4 — Upload or attach supporting brokerage documentation. Acceptable proof includes broker confirmation slips, monthly broker account statements, or authorized statements from a broker containing the transactional and holding information found in a confirmation slip or account statement.

Step 5 — Submit your claim online before July 7, 2026, or mail your completed paper form so it is received by that date. Mailing address: Carew v. Lifecore Biomedical Inc., et al., c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Suite 205, Media, PA 19063.

Step 6 — Save your confirmation number or mailing receipt.

Estimated time to complete: 20–40 minutes, depending on how quickly you can locate your brokerage records.

From the First False Statement to the Final Deadline — The Full Timeline

Milestone	Date
Class period begins	October 7, 2020
Corrective disclosures begin	October 10, 2022
Class period ends	March 19, 2024
90-day lookback period ends	June 17, 2024
Settlement agreement in principle reached	November 2025
Case filed (No. 0:24-cv-03028-LMP-EMB)	2024
Preliminary approval granted	March 2026
Claims portal opens	March 2026
Claim filing / Opt-out / Objection deadline	July 7, 2026
Notice to appear deadline	July 14, 2026
Final fairness hearing	July 28, 2026, 10:30 a.m.
Expected payment date	TBD — post final approval

Frequently Asked Questions

Do I need a lawyer to file a claim?

 No. You can file directly through the official online claim portal at strategicclaims.net/case/lifecore/form without hiring an attorney. Class counsel already negotiated the settlement on behalf of all class members. You only need your own attorney if you plan to opt out and pursue separate litigation.

Is this Lifecore settlement legitimate?

 Yes. The case is Carew v. Lifecore Biomedical Inc., et al., Case No. 0:24-cv-03028-LMP-EMB, filed in federal court. Strategic Claims Services is the court-appointed administrator handling the notice and claims process. The official settlement website is strategicclaims.net/case/lifecore.

When will I receive my payment? 

The settlement administrator will process all claims and issue payments after the court grants final approval at the July 28, 2026 hearing — and after any appeals period resolves. Securities class action settlements of this size typically distribute payments within 6–12 months of final approval.

What if I missed the claim deadline? 

The claim filing deadline is July 7, 2026. Late claims are generally not accepted unless a court grants an exception. If you believe you qualify, file as early as possible and contact Strategic Claims Services at 866-274-4004 or [email protected] if you have questions about late filing.

Will this settlement payment affect my taxes? 

Possibly. Payments from securities fraud class action settlements are generally treated as a return of capital up to your cost basis, with any excess potentially treated as a capital gain. The tax treatment depends on your individual circumstances. Consult a tax professional before filing your claim.

I bought Landec Corp. stock before it became Lifecore — does that count?

 Yes. Eligible securities include Lifecore common stock formerly traded as Landec Corp. under ticker LNDC, now trading as LFCR. Purchases of LNDC shares during the class period count the same as purchases of LFCR shares, as long as the transaction falls within the October 7, 2020 – March 19, 2024 window.

I bought shares after March 19, 2024 — am I excluded?

 Yes, if you only purchased shares after March 19, 2024. The class period closes on that date. However, if you also held shares purchased during the class period, those earlier purchases may still qualify. The 90-day lookback period extends through June 17, 2024 for calculating recognized losses on shares sold or held after the class period ends — but that affects the loss calculation, not eligibility to file.

My broker holds my shares — do I still need to file myself? 

In most cases, yes. Your broker holds shares in “street name” on your behalf, but the broker is not responsible for filing your individual claim. You must file your own claim using the transaction records your broker provides. Institutional investors filing on behalf of clients should review the broker letter and electronic filing templates available at strategicclaims.net/case/lifecore.

Sources & References

• Official Settlement Website & Claim Portal: strategicclaims.net/case/lifecore
• Official Class Notice & Claim Form (PDF): strategicclaims.net — Final Lifecore Long Notice
• Preliminary Approval Order (PDF): strategicclaims.net — Lifecore Preliminary Approval Order
• Globe Newswire — Grabar Law Office Notice, January 30, 2026: globenewswire.com

Last Updated: March 31, 2026

Disclaimer: This article is for informational purposes only and does not constitute legal advice. Legal claims and outcomes depend on specific facts and applicable law. For advice regarding a particular situation, consult a qualified attorney.