Company Reaches Favorable Resolution Regarding Previously-Disclosed Investigation of Formerly-Held Subsidiary Yucatan Foods
CHASKA, Minn., Nov. 20, 2023 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQ: LFCR) (the “Company”) announced today that the U.S. Department of Justice (the “DOJ”) has declined to prosecute the Company for violations of the Foreign Corrupt Practices Act (the “FCPA”) involving the Company’s formerly-held subsidiary, Yucatan Foods L.P. (“Yucatan”), which the Company had previously disclosed in its public filings. The declination is reflected in a November 16, 2023 letter (“Declination Letter”) executed by the DOJ and the Company.
Pursuant to the Declination Letter, in connection with the DOJ’s declination to prosecute, Lifecore has agreed to pay disgorgement in the amount of $406,505, and to continue to fully cooperate with any ongoing government investigations and any prosecutions that might result in the future.
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