GlobeNewswire Inc | Jan 13, 2022 11:42AM EST

January 13, 2022

NEW YORK, Jan. 13, 2022 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Agrify Corporation (Agrify or the Company) (NASDAQ:AGFY). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.

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

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On December 16, 2021, during trading hours, market analyst Bonitas Research (Bonitas) published a report regarding Agrify. Among other allegations, the Bonitas report asserted that Agrify created artificial demand for its product by financing undisclosed Company insiders to act as independent customers[,] that Agrify insiders lied to investors about the independence of its customer base in order to execute a dubious stock promotion for self-enrichment at the expense of minority shareholders[,] and that [e]vidence showed that five (5) of Agrifys eight (8) customer announcements in 2021 are either with undisclosed Company insiders or with unlicensed unproven operators.

On this news, Agrifys stock price fell $2.24 per share, or 17.81%, to close at $10.34 per share on December 16, 2021.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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.pomerantzlaw.com.

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