An investigation on behalf of investors of Landec Corporation (NASDAQ: LNDC) shares over potential securities laws violations by Landec Corporation and certain of its directors and officers in connection with certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Landec Corporation (NASDAQ: LNDC) concerning whether a series of statements by Landec Corporation regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Santa Clara, CA based Landec Corporation, together with its subsidiaries, designs, develops, manufactures, and sells differentiated health and wellness products for food and biomaterials markets. Landec Corporation reported that its Total Revenue rose from $524.27 million for the 12 months period that ended on May 31, 2018 to $557.559 million for the 12 months period that ended on May 31, 2019, and that its Net Income over those time periods declined from $24.82 million to $0.411 million.

On January 2, 2020, Landec Corporation disclosed investigations by the U.S. Securities & Exchange Commission and Department of Justice regarding potential environmental and Foreign Corrupt Practices Act (FCPA) compliance matters associated with regulatory permitting at a manufacturing plant in Mexico owned by Yucatan Foods, which Landec acquired in December 2018.

Shares of Landec Corporation (NASDAQ: LNDC) declined from $12.09 per share on December 19, 2019 to as low as $9.48 per share on January 3, 2020.