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AppHarvest, Inc. Securities Fraud Investigation

PRODUCT: AppHarvest, Inc. Securities
CASE STATUS: Under Investigation
TICKER SYMBOL: NASDAQ: APPH
LEAD PLAINTIFF DEADLINE: November 23, 2021
CLASS PERIOD START DATE: May 17, 2021
CLASS PERIOD END DATE: August 10, 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 [email protected] or (215) 875-3015, or Michael Dell’Angelo at [email protected] or (215) 875-3080. 

Click here to join the class action.

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.

Lead Attorneys

Andrew Abramowitz Headshot

Andrew Abramowitz

Senior Counsel
Michael Dell'Angelo Headshot

Michael Dell'Angelo

Executive Shareholder