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

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  • APPH

SAN DIEGO & MOREHEAD, Ky., November 24, 2021--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP reminds investors 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. AppHavest 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.

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 under $6.00.

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

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/20211124006197/en/

Contacts

Aaron Dumas
Robbins LLP
5040 Shoreham Place
San Diego, CA 92122
adumas@robbinsllp.com
(800) 350-6003
www.robbinsllp.com

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