The Securities Litigation Attorney James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 in AppHarvest to Contact him directly To Discuss Their Options
New York, New York--(Newsfile Corp. - - October 24 2021) - Faruqi & Faruqi, LLP, a leading national firm of securities law is currently investigating possible claims against AppHarvest, Inc. ("AppHarvest" or the "Company") (NASDAQ: APPH) and reminds investors of the 23rd of November 2021 deadline to seek the role of lead plaintiff in a federal securities class action which has been brought against the Company.
If you've suffered losses that exceed $50,000 from investing in AppHarvest options or stock between May 17-2021 between May 17, 2021 and August 10, 2021 and you would like to discuss your rights under the law, contact Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: http://www.faruqilaw.com/APPH.
Faruqi & Faruqi is a prominent minority and woman-owned national securities law firm with branches across New York, Delaware, Pennsylvania, California and Georgia.
As detailed below, the suit is focused upon whether or not AppHarvest and its executives Company and its top executives committed violations of federal securities laws through making false or misleading statements and/or failing to disclose that: (1) that AppHarvest was not adequately trained for its newly increased workforce; (2) that, due to this the Company was unable to make Grade No. 1 tomatoes in a consistent manner; (3) that, because of this https://www.lawcrossing.com that the Company's financial performance could be negatively affected as well as (4) that because of the above, defendants' positive statements about the Company's business, operations and future prospects were materially inaccurate and/or did not have a rational base.
On August 11 2021, just prior to the market opening, AppHarvest announced its second quarter financial results. The company reported a $32.0 million net loss. AppHarvest also reduced its guidance for sales for the entire year to an amount of 7 million-$9 million, from an earlier estimate of between $20 and $25 million. AppHarvest attributed the lower than expected results due 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."
In light of this the price of shares for the company dropped $3.46, or approximately 29%, to close on $8.51 for each share, on the 11th of August 2021, with a surprisingly high volume of trading.
The lead plaintiff chosen by the court is the person who has the largest financial interest in the relief requested by the class. The lead plaintiff is Faruqi and Faruqi adequate and typical of class members who directs and oversees the litigation on behalf of the prospective class. Anyone in the putative class can petition to the Court to serve as lead plaintiff through the counsel they prefer, or choose to do nothing and remain a class member absent. Your right to share in any recovery isn't affected by the choice to be a lead plaintiff or not.
Faruqi & Faruqi, LLP is also encouraging anyone with information regarding AppHarvest's conduct to contact the firm for help, including whistleblowers and former employees shareholders, and other.
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