04:57 AM EDT, 03/27/2024 (MT Newswires) -- Lifecore Biomedical ( LFCR ) said Tuesday that Ernst & Young LLP declined to be reappointed as the company's independent registered public accounting firm for its fiscal year ending May 26, 2024, following the filing of the company's annual report.

Ernst & Young was the company's independent registered public accounting firm for the fiscal year ended May 28, 2023.

The pharmaceutical products manufacturer said its board has initiated a search for a replacement. It also said it is planning to provide a business update on April 1, which is expected to include "certain select financial data" for fiscal 2024, as well as information on other matters.

Shares of the company were down more than 1% in Wednesday's premarket activity.

Price: 5.09, Change: -0.07, Percent Change: -1.36