Three executives of food production company AppHarvest agreed to pay $4,850,000 to resolve a securities class action that alleged they made materially false or misleading statements that inflated the company’s stock price, according to the lead plaintiff’s unopposed request for preliminary approval.
Alan Narzissenfeld said that David Lee, Jonathan Webb, and Loren Eggleton—the President, CEO, and CFO for AppHarvest respectively—disseminated statements that concealed labor and productivity issues at the company’s Morehead, Ky., farm that, when revealed, caused investors economic harm when the stock price dropped. Claims against Webb and Eggleton were dismissed by Judge Lewis J. Liman in July 2023. ...
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