Business course

INVESTOR ALERT: Kirby McInerney LLP Announces Filing of Securities Class Action on Behalf of Investors of AppHarvest, Inc. (APPH)

NEW YORK–(COMMERCIAL THREAD) – The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired AppHarvest, Inc. (“AppHarvest” or the “Company”) (NASDAQ: APPH) securities from May 17, 2021 to August 10, 2021 inclusive (the “Recourse Period”). Investors have until November 23, 2021 to ask the court to be named lead plaintiffs in the lawsuit.

AppHarvest is a sustainable food company that operates greenhouses with applied technology to produce fresh fruits, vegetables and related products, without chemicals and without GMOs. AppHarvest became a public company as a result of a business combination with Novus Capital Corporation which closed on or around January 29, 2021.

On August 11, 2021, before the market opened, AppHarvest reported its second quarter financial results, reporting a net loss of $ 32 million. The company also lowered its full-year sales forecast to a range of $ 7 million to $ 9 million, from an earlier range of $ 20 to $ 25 million. AppHarvest attributed the below expectation results to “operational headwinds with full ramp-up to full production at the company’s first CEA facility, including related labor and productivity issues. training and development of new labor and historically low market prices for tomatoes. “Following this news, the Company’s share price fell $ 3.46 per share, or approximately 28.9%, from $ 11.97 per share to close at $ 8.51 per share on August 11, 2021.

The lawsuit alleges throughout the Class Period that the Defendants made materially false and / or misleading statements, as well as that they failed to disclose material adverse facts regarding the business, operations and prospects of the society. Specifically, the defendants failed to disclose to investors: (1) that AppHarvest lacked sufficient training for its recently expanded workforce; (2) that, therefore, the Company could not consistently produce Grade 1 tomatoes; (3) that as a consequence, the financial results of the Company would be adversely affected; and (4) that as a result of the foregoing, the Defendants’ positive statements regarding the activities, operations and prospects of the Company were materially misleading and / or lacked reasonable basis.

If you have purchased or acquired AppHarvest securities, have any information or would like to know more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at [email protected], or by completing this Contact form, to discuss your rights or interests in these matters at no cost to you.

Kirby McInerney LLP is a New York-based law firm specializing in securities, antitrust, whistleblower and consumer litigation. The company’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm is available on the Kirby McInerney LLP website: http://www.kmllp.com.

This press release may be considered an attorney’s advertisement in certain jurisdictions under applicable law and ethical rules.


Source link

Leave a Reply

Your email address will not be published.