AppHarvest, Inc. Company News: Berger Montague Investigates Securities Fraud Allegations Against AppHarvest, Inc. (APPH); Lead Plaintiff Deadline is November 23, 2021

·2 min read

Philadelphia, Pennsylvania--(Newsfile Corp. - October 15, 2021) - Berger Montague is investigating securities fraud allegations against AppHarvest, Inc. ("AppHarvest" or the "Company"). The Firm is investigating these claims on behalf of investors who purchased AppHarvest securities (NASDAQ: APPH) between May 17, 2021 and August 10, 2021 (the "Class Period").

If you purchased AppHarvest securities during the Class Period, would like to discuss Berger Montague's investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Michael Dell'Angelo at mdellangelo@bm.net or (215) 875-3080.

Whistleblowers: Anyone with non-public information regarding AppHarvest is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.

According to a recently filed lawsuit, AppHarvest, a Kentucky-based sustainable food company that operates greenhouses to produce chemical-free, non-GMO fruits and vegetables, failed to disclose to investors that: (1) it lacked sufficient training for its recently expanded labor force; (2) as a result, the Company could not produce Grade No. 1 tomatoes consistently.

On August 11, 2021, AppHarvest announced its second quarter financial results, reporting a $32 million net loss. The Company also lowered its full-year sales guidance to a range of $7 million to $9 million, from a previous range of $20 million to $25 million. The Company 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 AppHarvest shares fell $3.46 - or 29% - to close at $8.51 per share on August 11, 2021.

Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.

Contacts

Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net

Michael Dell'Angelo, Managing Shareholder
Berger Montague
(215) 875-3080
mdellangelo@bm.net

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/99824

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