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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

(AGFY) Alert: Did You Lose Money on Your Agrify Investment? Contact Johnson Fistel Regarding Investigation

December 16, 2021 GMT

SAN DIEGO, Dec. 16, 2021 (GLOBE NEWSWIRE) --

Shareholder rights law firm Johnson Fistel, LLP is investigating potential violations of the federal securities laws by Agrify Corporation (“Agrify” or the “Company”) (NASDAQ: AGFY).

On December 16, 2021, Bonitas Research, a short seller, released a report alleging multiple problems with Agrify. The allegations include that “We believe that Agrify created artificial demand for its product by financing undisclosed Company insiders to act as independent customers.” Further stating, “after its January 2021 IPO, Agrify’s shares soared amongst a wave of sales announcements to alleged independent third party licensed commercial growers via new total turnkey partnerships (‘TTK Partnerships’).” The report added, “the TTK Partnerships use Agrify’s balance sheet to finance the construction of the customer’s facility, equipment sales and installations, which suggests to us that Agrify’s recorded revenues are artificially inflated by loan balances from Agrify to TTK Partnership customers.”

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Following this news, Agrify’s stock price fell over 14% in early morning trading on December 16, 2021.

If you have information that could assist in this investigation, including past employees and others, or an Agrify shareholder interested in learning more about the investigation, please contact Jim Baker ( jimb@johnsonfistel.com ) by email or phone at 619-814-4471. If emailing, please include a phone number.

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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com

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