LOS ANGELES–(COMMERCIAL THREAD) – Glancy Prongay & Murray LLP (âGPMâ), Announces that it has Filed a Class Action in the United States District Court for the Southern District of New York, captioned Ragan v. AppHarvest, Inc., et al., (Case No. 21-cv-07985) on behalf of the persons and entities who have purchased or otherwise acquired securities of AppHarvest, Inc. (âAppHarvestâ or the âCompanyâ) (NASDAQ: APPH) between May 17, 2021 and August 10, 2021, inclusive (the âClass Periodâ). The plaintiff is pursuing claims under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the âExchange Actâ).
Investors are hereby informed that they have 60 days from this notice to propose to the Court to act as principal plaintiff in this action.
If you have suffered a loss on your AppHarvest investments or would like to inquire about the possibility of pursuing claims to recover your loss under federal securities laws, you can submit your details to https: // www.glancylaw.com/cases/appharvest-inc /. You can also contact Charles H. Linehan of GPM at 310-201-9150, toll free at 888-773-9224, or by email at [email protected] or visit our website at www.glancylaw.com to find out. more about your rights.
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.
On August 11, 2021, before the market opened, AppHarvest reported its second quarter financial results, reporting a net loss of $ 32.0 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 million to $ 25 million. AppHarvest attributed the below expectation results to “operational headwinds with the full ramp-up of production at the company’s first CEA facility, including labor and productivity issues related to training and the development of new labor and historically low market prices for tomatoes â.
Following 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 high trading volume.
Throughout the Class Period, the Defendants made materially false and / or misleading statements, and failed to disclose material adverse facts regarding the business, operations and prospects of the Company. 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.
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If you have purchased or otherwise acquired AppHavest securities during the Recourse Period, you may apply to the Court at the latest 60 days from this notice To ask the court to appoint you as the principal plaintiff. To be a member of the Class, you do not need to take any action at this time; you can retain the services of a lawyer of your choice or take no action and remain an absent member of the group. If you would like to know more about this action, or if you have any questions regarding this announcement or your rights or interests in any such matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, toll free at 888-773-9224, by email at [email protected], or visit our website at www.glancylaw.com. If you are applying by email, please include your mailing address, phone number and number of shares purchased.
This press release may be considered an attorney’s advertisement in certain jurisdictions under applicable law and ethical rules.