Bronstein, Gewirtz & Grossman LLC announces that Harbor Diversified, Inc. investors may join the class action lawsuit!

NEW YORK, NY / ACCESSWIRE / May 10, 2024 / Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Harbor Diversified, Inc. (“Harbor Diversified” or “the Company”) (OTC PINK:HRBR) and certain of its officers.

Class definition:

The purpose of this lawsuit is to recover damages against defendants for alleged violations of the federal securities laws on behalf of all individuals and entities that purchased Harbor Diversified securities between May 10, 2022 and March 29, 2024 (including the “Class Period”) or acquired elsewhere. . Such investors are encouraged to join this case by visiting the Company’s website: bgandg.com/HRBR.

Case details:

According to the complaint, Harbor Diversified describes itself as “a non-operating holding company that is the parent of a consolidated group of subsidiaries, including AWAC Aviation, Inc. (“AWAC”), the sole member of Air Wisconsin Airlines LLC (“Air Wisconsin”) ), a regional aviation company, is also the direct parent of three additional subsidiaries: (1) Lotus Aviation Leasing, LLC (“Lotus”), which leases aviation equipment to Air Wisconsin, (2) Air Wisconsin Funding LLC (“AWF”), which provides aviation equipment financing to Air Wisconsin, and (3) Harbor Therapeutics, Inc. (“Therapeutics”), a non-operating company with no significant assets.”

The lawsuit alleges that Harbor Diversified made materially false and/or misleading statements because the company disclosed the following adverse facts relating to the company’s business, operations and prospects that were known to or were made recklessly by defendants have been ignored, misrepresented and not disclosed. Specifically, Defendants made false and/or misleading statements and/or failed to disclose:

(1) Harbor Diversified’s financial statements from May 9, 2022 to the present were misstated due to improper revenue recognition;

(2) Harbor Diversified did not have adequate internal controls; And

(3) As a result, Harbor Diversified’s statements about its business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all times.

The truth began to emerge, according to the complaint, on March 29, 2024, when Harbor Diversified filed a Current Report on Form 8-K with the SEC in which it announced that certain of its previously issued financial statements needed to be restated due to improper revenue recognition . Additionally, Harbor Diversified has disclosed a material weakness in its internal controls that is causing management to consider “appropriate remedial actions.”

As a result of this news, the price of Harbor Diversified stock decreased $0.28 per share, or 14.25%, to close at $1.73 on April 1, 2024, according to the complaint.

The Complaint therefore further alleges that investors suffered substantial losses and damages as a result of Defendants’ wrongful acts and omissions and the precipitous decline in the market value of Harbor Diversified’s common stock.

What’s next?

A class action lawsuit has already been filed. If you would like to review a copy of the Complaint, you may visit the Company’s website: bgandg.com/HRBR or you may contact Peretz Bronstein, Esq. turn around. or his Client Relations Manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss with Harbor Diversified, you have until July 8, 2024 to ask the Court to appoint you as lead plaintiff. Your ability to share in the recovery does not require you to serve as lead plaintiff.

There are no costs for you

We represent investors in class actions on a contingency fee basis. This means that we will only ask the court to reimburse us for our expenses and attorneys’ fees, usually a percentage of the total recovery, if we are successful.

Why Bronstein, Gewirtz & Grossman:

Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm representing investors in securities fraud class actions and shareholder derivative litigation. Our company has recovered hundreds of millions of dollars for investors nationwide.

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