SAN DIEGO, CA / ACCESSWIRE / November 19, 2021 / Robbins Geller Rudman & Dowd LLP announces that buyers of AppHarvest, Inc. (NASDAQ: APPH) securities between May 17, 2021 and August 10, 2021, both dates inclusive (the “Class Period”) have until Tuesday, November 23, 2021 to request a appointment as lead applicant in Ragan v AppHarvest, Inc., No. 21-cv-07985 (SDNY). Launched September 24, 2021 in the Southern District of New York, the AppHarvest A class action lawsuit accuses AppHarvest and some of its senior executives of violations of the Securities Exchange Act of 1934.
If you wish to serve as the principal applicant of the AppHarvest class action, please fill in your information by clicking here. You can also contact the lawyer JC Sanchez from Robbins Geller by calling 800 / 449-4900 or emailing [email protected]. Principal applicant’s requests for AppHarvest The class action must be filed in court no later than Tuesday, November 23, 2021.
CASE ALLEGATIONS: The AppHarvest The class action alleges that, throughout the Class Period, the Defendants made false and misleading representations and failed to disclose that: (i) AppHarvest lacked sufficient training for its recently expanded workforce; (ii) as a result, AppHarvest has not been able to consistently produce Grade 1 tomatoes; (iii) consequently, the financial results of AppHarvest would be adversely affected; and (iv) as such, the positive statements by the defendants about the business, operations and prospects of AppHarvest were materially misleading and / or lacked a reasonable basis.
On August 11, 2021, AppHarvest announced its financial results for the second quarter of 2021, reporting a net loss of $ 32.0 million. AppHarvest also lowered its full-year sales forecast to a range of $ 7-9 million, from an earlier range of $ 20-25 million. AppHarvest attributed the below expectation results to “operational headwinds with the ramp-up of full production at the company’s first CEA facility, including labor and productivity issues related to training. and the development of new labor and historically low market prices for tomatoes ”. Following this news, the AppHarvest share price fell by around 29%, hurting investors.
THE MAIN COMPLAINANT PROCESS: The Private Securities Litigation Reform Act of 1995 allows any investor who purchased AppHarvest securities during the Recourse Period to seek appointment as principal plaintiff in the AppHarvest class action lawsuit. A principal plaintiff is generally the plaintiff with the greatest financial interest in the remedy sought by the putative class which is also typical and adequate of the putative class. A lead applicant acts on behalf of all other class members by ordering AppHarvest class action lawsuit. The lead plaintiff can choose a law firm of their choice to argue the case. AppHarvest class action lawsuit. The ability of an investor to participate in any potential future recovery of the AppHarvest the class action is not dependent on serving as the principal plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 offices across the country, Robbins Geller Rudman & Dowd LLP is the largest US law firm representing investors in securities class actions. Robbins Geller lawyers have secured many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $ 7.2 billion – in In re Enron Corp. Dry. Litigation. The 2020 ISS Securities Class Action Services Top 50 report ranked Robbins Geller # 1 for recovering $ 1.6 billion from investors last year, more than double the amount recovered by any other company from securities claimants. Please visit http://www.rgrdlaw.com for more information.
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Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
JC Sanchez, 800-449-4900
THE SOURCE: Robbins Geller Rudman & Dowd LLP
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