GlobeNewswire Inc | Jan 31, 2022 01:36PM EST

January 31, 2022

SAN FRANCISCO, Jan. 31, 2022 (GLOBE NEWSWIRE) -- Hagens Berman urges Agrify Corporation (NASDAQ: AGFY) investors with significant losses to submit your losses now. The firm is investigating possible securities law violations and certain investors may have valuable claims.

Visit: http://www.hbsslaw.com/investor-fraud/AGFYContact An Attorney Now:AGFY@hbsslaw.com 844-916-0895

Agrify Corporation. (AGFY) Investigation:

After its Jan. 2021 initial public offering, Agrifys shares rose steadily on a slew of sales announcements to purported independent third party licensed commercial growers via new total turnkey partnerships (TTK Partnerships).

But Agrifys statements concerning its TTK partnerships came into question on Dec. 16, 2021, when Bonitas Research released a report alleging that Agrify created artificial demand for its product by financing undisclosed Company insiders to act as independent customers.

Bonitas claims that it found the majority of Agrifys TTK Partnerships are either with undisclosed Company insiders or with unlicensed unproven operators.

Bonitas also contends, [T]he TTK Partnerships use Agrifys balance sheet to finance the construction of the customers facility, equipment sales and installations, which suggests to us that Agrifys recorded revenues are artificially inflated by loan balances from Agrify to TTK Partnership customers. Agrify accounted for its TTK Partnerships differently than previously disclosed accounting policies.

Bonitas added, TTK Partnerships were never mentioned in the Companys S-1 or its 2020 10-K, which means Agrifys new 2021 accounting policies have yet to be the subject of an audit.

On this news, Agrifys common stock price fell sharply during intraday trading on Dec. 16, 2021.

Were focused on investors losses and determining whether Agrify concealed related party transactions and inflated revenue, said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you invested in Agrify Corporation and have significant losses, or have knowledge that may assist the firms investigation, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding Agrify Corporation should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email AGFY@hbsslaw.com.

About Hagens BermanHagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Contact: Reed Kathrein, 844-916-0895