GlobeNewswire Inc | Oct 3, 2021 08:50PM EDT

October 04, 2021

NEW YORK, Oct. 03, 2021 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of AppHarvest, Inc. (AppHarvest or the Company) (NASDAQ: APPH). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether AppHarvest and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

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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, down significantly 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 companys 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.

On this news, AppHarvests stock price fell $3.46 per share, or approximately 29%, to close at $8.51 per share on August 11, 2021.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com

CONTACT:Robert S. WilloughbyPomerantz LLPrswilloughby@pomlaw.com888-476-6529 ext. 7980