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AppHarvest, Inc.

Securities Class Action

  • Date:
  • 11/23/2021
  • Company Name:
  • AppHarvest, Inc.
  • Stock Symbol:
  • APPH
  • Class Period:
  • FROM 5/17/2021 TO 8/10/2021
  • Status:
  • Filed
  • Filing Date:
  • 9/24/2021
  • Court:
  • U.S. District Court: Southern District of New York

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Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against AppHarvest, Inc. (“AppHarvest” or the “Company”) (NASDAQ: APPH) in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired AppHarvest securities between May 17, 2021 and August 10, 2021, both dates inclusive (the “Class Period”). Investors have until November 23, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

On August 11, 2021, before the market opened, AppHarvest announced its second quarter financial results, reporting a $32.0 million net loss. The Company also lowered its full year sales guidance to a range of $7 million to $9 million, from a prior range of $20 million to $25 million. AppHarvest attributed the lower than expected results to “operational headwinds with the full ramp up to full production at the company’s first CEA facility, including labor and productivity challenges related to the training and development of the new workforce and historically low market prices for tomatoes.”

On this news, the Company’s share price fell $3.46, or approximately 29%, to close at $8.51 per share on August 11, 2021, on unusually heavy trading volume.

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: (1) that AppHarvest lacked sufficient training for its recently expanded labor force; (2) that, as a result, the Company could not produce Grade No. 1 tomatoes consistently; (3) that, as a result, the Company’s financial results would be adversely impacted; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

If you purchased or otherwise acquired AppHarvest shares and suffered a loss, are a long-term stockholder, have information, 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 Brandon Walker, Melissa Fortunato, or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form.  There is no cost or obligation to you.

The individual or institution below (“Plaintiff”) has reviewed and agrees to the Bragar Eagel & Squire, P.C. (“BESPC”) retainer agreement and authorizes BESPC to prosecute an action on Plaintiff’s behalf under the federal securities laws or applicable state laws to recover damages on behalf of investors in AppHarvest. BESPC will prosecute the action on a full contingency basis and will forward all costs and expenses.
 

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