SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims on Behalf of Harbor Diversified, Inc. Investors.

NEW YORK, May 6, 2024 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors in Harbor Diversified, Inc. (“Harbor” or the “Company”) (OTC: HRBR). Such investors are advised to get in touch Danielle Peyton at (email protected) or 646-581-9980, extension 7980.

The investigation concerns whether Harbor and certain of its officers and/or directors engaged in securities transactions Fraud or other unlawful business practices.

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At March 29, 2024Harbor filed a Current Report on Form 8-K with the U.S. Securities and Exchange Commission indicating that on March 26, 2024The Audit Committee (the “Audit Committee”) of Harbor’s Board of Directors, after considering management’s recommendations, has concluded that the Company’s previously issued (i) consolidated financial statements and related disclosures as of and for the past year are available December 31, 2022 included in the Company’s Annual Report on Form 10-K; (ii) interim consolidated financial statements and related disclosures included in the Quarterly Reports on Form 10-Q for the first three quarters of the past year December 31, 2022and (iii) consolidated interim financial statements and related disclosures included in the quarterly reports on Form 10-Q for the first three quarters of the current year December 31, 2023 (collectively, the “Non-Reliance Periods”) should no longer be relied upon due to misstatements contained in such financial statements and such financial statements should be restated.

In addition, the Company stated that the Audit Committee’s conclusion was based on management’s review of the accounting for certain revenues under the capacity purchase agreement (the “Combined Agreement”) previously entered into between Air Wisconsin Airlines LLC, a wholly owned subsidiary of the Company, and United Airlines, Inc. Specifically, management decided that the decision to recognize everyone approximately $52.3 million in the 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 are 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 $1.73 per share April 1, 2024on the next trading day.

Pomerantz LLP, with offices in new York, Chicago, Los Angeles, London, ParisAnd Tel Aviv, is considered one of the leading law firms in the areas of corporate, securities and antitrust litigation. Founded by the deceased Abraham L. PomerantzPomerantz, known as the dean of the class action bar, pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he founded and fights for the rights of securities victims Fraud, breaches of fiduciary duty and corporate misconduct. The company has recovered billions of dollars in damages on behalf of the class plaintiffs. See www.pomlaw.com.

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CONTACT:
Danielle Peyton
Pomerantz LLP
(email protected)
646-581-9980 ext 7980

SOURCE Pomerantz LLP