Wolf Popper LLP Announces Investigation on Behalf of Investors in AppHarvest, Inc.

New York, New York--(Newsfile Corp. - August 12, 2021) - Wolf Popper LLP is investigating potential securities fraud claims on behalf of purchasers of AppHarvest, Inc. common stock (NASDAQ: APPH).

On February 1, 2021, AppHarvest, Inc. (which at the time was a private company) merged into Novus Capital Corporation (NASDAQ: NOVS), a special purpose acquisition company. Pursuant to that merger, Novus changed its name to AppHarvest and began trading under the stock symbol APPH. The press release announcing the closing of the merger stated that AppHarvest had built a 60 acre greenhouse that AppHarvest claimed was combining conventional agricultural techniques with the latest in controlled environment agriculture technology to grow high-quality fruits and vegetables throughout the year. On that announcement, AppHarvest shares rose to trade above $35.00 per share.

AppHarvest insiders moved rapidly to capitalize on the company's stock price. On March 4, 2021, AppHarvest filed a Registration Statement and Prospectus with the SEC enabling insiders to exercise warrants on up to 13,250,000 shares and sell up to 84,211,418 shares of AppHarvest common stock. In the Prospectus, AppHarvest touted its "highly experienced" greenhouse personnel and disclosed it had begun harvesting its first tomato crop in January 2021. AppHarvest shares closed at $28.76 the day prior to that filing.

On May 17, 2021, AppHarvest announced its first quarter 2021 results and said "We are pleased by our fast start to the year, the encouraging operating and financial performance of our Morehead facility and our team's ability to scale the business." The press release added, among other things, that "Our team of expert growers kicked off our first harvest starting in mid-January, and since then, we've ramped up production on all of the 60 acres as of the first week of May."

Before the market opened on August 11, 2021, however, AppHarvest announced its second quarter 2021 results and said it experienced labor training and productivity issues that forced AppHarvest to dramatically lower its 2021 revenue and adjusted EBITDA guidance.

Following this news, AppHarvest's shares fell over 28% and closed at $8.51 per share on August 11, 2021.

Investors who have lost over $50,000 trading in AppHarvest common stock and who would like to discuss the investigation should contact Joshua Ruthizer at (212) 451-9668, or jruthizer@wolfpopper.com.

Wolf Popper has successfully recovered billions of dollars for defrauded investors. Wolf Popper's reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. For more information about Wolf Popper, please visit the Firm's website at www.wolfpopper.com.

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Wolf Popper LLP
Joshua W. Ruthizer
845 Third Avenue
New York, NY 10022
Tel.: (212) 451-9668
Email: jruthizer@wolfpopper.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/92921