The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Harbor Diversified, Inc. (“Harbor Diversified” or the “Company”) (OTC: HRBR) securities between May 10, 2022 and March 29, 2024, inclusive (the “Class Period”). Harbor Diversified investors have until July 8, 2024 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On March 29, 2024, Harbor disclosed that its previously issued financial statements as of December 2022 should no longer be relied upon due to misstatements related to the accounting for certain revenue under the capacity purchase agreement previously entered into between Air Wisconsin Airlines LLC, a wholly owned subsidiary of the Company, and United Airlines, Inc.

On this news, Harbor’s stock price fell $0.29, or 14.3%, to close at $1.73 per share on April 1, 2024, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Harbor Diversified’s financial statements from May 9, 2022 to the present were misstated due to improper revenue recognition; (2) Harbor Diversified lacked adequate internal controls; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased Harbor Diversified securities during the Class Period, you may move the Court no later than July 8, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Harbor Diversified securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240513675193/en/

The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Harbor Diversified, Inc. (HRBR) Investors