Securities Litigation Partner 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 renowned national securities law firm is currently investigating possible claims against AppHarvest, Inc. ("AppHarvest" (also known as"the "Company") (NASDAQ: APPH) and reminds investors of the November 23 2021 deadline to seek the lead plaintiff role in a federal securities class action that has been initiated with regard to the Company.
If you've suffered losses that exceed $50,000 from investing in AppHarvest options or stock between May 17-2021 until August 10, 2021 and you would like to discuss your rights under the law, contact Faruqi & Faruqi partner Josh Wilson directly at 877-247-492 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 law firm that has locations located in 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 or failing to disclose: (1) that AppHarvest did not have the proper training to properly prepare its newly expanded labor force; (2) that, because of this that the Company could not produce Grade No. 1 tomatoes on a consistent basis; (3) that, because of this the financial performance of the company will be affected negatively; and (4) that due to the foregoing, Defendants' positive statements about the Company's business, operations and prospects were in fact false and/or had no reasonable basis.
On the 11th of August, 2021, prior to the market opening, AppHarvest announced its second quarter financial results. The company reported an $32.0 million net loss. The Company also lowered its full year sales guidance to a range of $7 million to $9 million, from an earlier range of $20 million to $25 million. AppHarvest explained the less than expected performance on "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 dropped $3.46 (roughly 29%, before closing with $8.51 per share on August 11, 2021, on unusually heavy trading volume.
The lead plaintiff chosen by the court is the investor with the largest financial interest in the relief requested by the class. They are adequate and typical of class members who directs and manages the legal proceedings for the putative class. Any member of the class may move to the faruqi and faruqi law Court to serve as lead plaintiff with counsel of their choice, or opt to do nothing and remain Faruqi and Faruqi a class member absent. Your right to share in any recovery isn't affected by your choice to be the lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding AppHarvest's conduct to contact the firm for help, including whistleblowers, former employees shareholders and others.
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