30 Sep, 2021, 16:50 ET
NEW YORK, Sept. 30, 2021 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of AppHarvest, Inc. ("AppHarvest" or the "Company") (NASDAQ: APPH) from May 17, 2021 through August 10, 2021 (the "Class Period"). The lawsuit filed in the United States District Court for the Southern District of New York alleges violations of the Securities Act of 1934.
If you purchased AppHarvest securities, and/or would like to discuss your legal rights and options please visit AppHarvest Inc. Shareholder Class Action Lawsuit or contact Rujul Patel toll free at (877) 779-1414 or [email protected]
According to the complaint, AppHarvest, issued materially false and/or misleading statements and failed to disclose adverse facts pertaining to the Company's business, operations, and prospects. AppHarvest specifically failed to disclose to investors: (1) that AppHarvest lacked sufficient training for its recently expanded labor force; (2) that, as a result, the Company could not produce Grade No. 1 tomatoes consistently; (3) that, as a result, the Company's financial results would be adversely impacted; and (4) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On August 11, 2021, before the market opened, AppHarvest announced its second quarter financial results, reporting a $32.0 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's share price fell $3.46, or approximately 29%, to close at $8.51 per share on August 11, 2021, on unusually heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than November 23, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased AppHarvest securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/appharvestinc-apph-shareholder-class-action-lawsuit-fraud-stock-442/ or contact Rujul Patel toll free at (877) 779-1414 or [email protected]
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE Bernstein Liebhard LLP
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