Investigation of AppHarvest, Inc. (NASDAQ: APPH / NASDAQ: GIK) on behalf of the company’s long-term stockholders.
The investigation is focused on whether the members of AppHarvest’s board of directors violated the securities laws or breached their fiduciary duties to stockholders in connection with recent corporate actions and disclosures.
AppHarvest builds and operates high-tech greenhouses to grow fruits and vegetables in the United States. The current company was formed in February 2021 via a business combination with SPAC entity Novus Capital Corp. (Nasdaq: NOVS), with AppHarvest as the surviving, public entity.
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 previous range of $20 million to $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.” Following this news, shares of AppHarvest’s stock fell $3.46, or approximately 29%, to close at $8.51 per share on August 11, 2021.
Current AppHarvest stockholders who purchased or acquired APPH or GIK shares prior to December 29, 2020 are encouraged to contact Kaskela Law LLC (David Seamus Kaskela, Esq.) at (888) 715 – 1740, or by completing the information form on this page, for additional information about this investigation and their legal rights and options.