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Press release content from Business Wire. The AP news staff was not involved in its creation.

SHAREHOLDER ALERT: Robbins LLP Investigates AppHarvest, Inc. (APPH) on Behalf of Shareholders

November 16, 2021 GMT

SAN DIEGO & MOREHEAD, Ky.--(BUSINESS WIRE)--Nov 16, 2021--

Shareholder rights law firm Robbins LLP announces it is investigating the officers and directors of AppHarvest, Inc. (NASDAQ: APPH) to determine whether they violated the Securities Exchange Act of 1934 and breached their fiduciary duties to the Company. AppHarvest is a sustainable food company that operates applied technology greenhouses to produce fresh, chemical-free, non-GMO fruits, vegetables, and related products.

If you would like more information about the wrongdoing at AppHarvest, Inc., click here.

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AppHarvest, Inc. (APPH) May Have Failed to Disclose Labor and Productivity Challenges to Investors

According to a class action complaint filed on behalf of purchasers of AppHarvest, the Company announced its first quarter 2021 financial results on May 17, 2021. In its quarterly report filed with the Securities and Exchange Commission for the same quarter, AppHarvest noted that Mastronardi is the Company’s sole, exclusive marketing and distribution partner, and is only obligated to purchase products “at or above USDA Grade 1 standards and export quality standards within North America and of a quality required by Mastronardi’s customers, in Mastronardi’s sole determination.”

On August 11, 2021, 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 prior range of $20 million to $25 million. AppHarvest 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... Labor and productivity challenges resulted in lower net sales due to lower overall No. 1-grade production yields, including the impact of higher distribution and shipping fees.” On this news, the Company’s share price fell $3.46, or approximately 29%, to close at $8.51 per share on August 11, 2021. The stock currently trades at just around $6.00.

AppHarvest, Inc. (APPH) shareholders have legal options. If you own shares of AppHarvest, Inc., contact us to learn more about your rights.

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All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

Contact us to learn more:

Aaron Dumas
(800) 350-6003
adumas@robbinsllp.com
Shareholder Information Form

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against AppHarvest, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

Attorney Advertising. Past results do not guarantee a similar outcome.

View source version on businesswire.com:https://www.businesswire.com/news/home/20211116006420/en/

CONTACT: Aaron Dumas

Robbins LLP

5040 Shoreham Place

San Diego, CA 92122

adumas@robbinsllp.com

(800) 350-6003

www.robbinsllp.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA KENTUCKY

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Robbins LLP

Copyright Business Wire 2021.

PUB: 11/16/2021 06:15 PM/DISC: 11/16/2021 06:16 PM

http://www.businesswire.com/news/home/20211116006420/en