Securities Litigation Partner James (Josh) Wilson Encourages Investors who suffered losses of more than $50,000 in AppHarvest to Contact him directly for a discussion of their options
New York, New York--(Newsfile Corp. until 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 position of lead plaintiff in a federal securities class action that has been filed with regard to the Company.
If you suffered losses exceeding $50,000 in AppHarvest options or stocks 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 top minority and women-owned national securities law firm with branches across New York, Delaware, Pennsylvania, California and Georgia.
The lawsuit focuses upon whether or not AppHarvest and its executives Company and its management violated federal securities laws by making deceitful or misleading statements or failing to disclose: (1) that AppHarvest was not adequately trained to properly prepare its newly expanded labor force; (2) that, as a result that the Company was unable to produce Grade No. 1 tomatoes in a consistent manner; (3) that, because of this, the Company's financial results could be negatively affected as well as (4) that, as a result of the above, Defendants' positive statements about the Company's operations, business and future prospects were materially false and/or had no reasonable basis.
On the 11th of August, 2021, before the market opened, AppHarvest announced its second faruqi and faruqi law quarter financial results. The company reported the company's second quarter financial results, which included a $32.0 million loss net. The company also cut its guidance for sales for the entire year to a range of $7 million to $9 million, from the previous forecast of $25-$20 million. AppHarvest explained the less than anticipated 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."
With this announcement, the Company's share price fell $3.46, or approximately 29%, to close with $8.51 for each share, on the 11th of August 2021 due to a record-breaking volume of trading.
The lead plaintiff chosen by the court is the investor with the greatest financial stake in the relief sought by the class. They are sufficient and typical of class members . The lead plaintiff directs and oversees the litigating on behalf of the prospective class. Anyone in the putative class may move the Court to be appointed as the lead plaintiff by contacting the counsel they prefer or may choose to not participate and remain a class member absent. Your right to share any settlement isn't affected by your choice to be the lead plaintiff or not.
Faruqi & Faruqi, LLP will also urge anyone with information regarding AppHarvest's behavior to reach out to the firm, including whistleblowers, former employees shareholders and others.
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