Scott+Scott Attorneys at Law LLP Reminds Investors of November 23, 2021 Deadline in Securities Class Action Against AppHarvest, Inc. (NASDAQ: APPH)
NEW YORK, Nov. 11, 2021 (GLOBE NEWSWIRE) -- Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, reminds investors that securities class action lawsuits have been filed against AppHarvest, Inc. (NASDAQ: APPH) (“AppHarvest” or the “Company”) and certain other defendants, alleging violations of §10b of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. If you purchased shares of AppHarvest between May 17, 2021 through August 10, 2021, you are encouraged to contact Rhiana Swartz for additional information at (888) 398-9312 or rswartz@scott-scott.com. The lead plaintiff deadline is November 23, 2021.
According to the lawsuit, AppHarvest made materially false and/or misleading statements and failed to disclose adverse facts pertaining to the Company’s business, operations, and prospects. Specifically, the Company failed to disclose: (1) AppHarvest lacked sufficient training for its recently expanded labor force; (2) as a result, the Company could not produce Grade No. 1 tomatoes consistently; and, (3) as a result, the Company’s financial results would be adversely impacted.
On August 11, 2021, before the market opened, 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 $7-9 million, from a previous range of $20-25 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, AppHarvest’s share price fell $3.46, or approximately 29%, to close at $8.51 per share on August 11, 2021.
Lead Plaintiff Deadline
The Lead Plaintiff deadline in this action is November 23, 2021. Any member of the proposed Class may seek to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.
What You Can Do
If you purchased AppHarvest stock between May 17 and August 10, 2021, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Rhiana Swartz at (888) 398-9312 or rswartz@scott-scott.com.
About Scott+Scott
Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, Virginia, and Ohio.
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CONTACT:
Rhiana Swartz
Scott+Scott Attorneys at Law LLP
230 Park Avenue, 17th Floor, New York, NY 10169
(888) 398-9312
rswartz@scott-scott.com
