Press release
Investigation for Investors in Agrify Corporation (NASDAQ: AGFY) over potential Wrongdoing
An investigation on behalf of investors in Agrify Corporation (NASDAQ: AGFY) shares over potential wrongdoing at Agrify Corp.
Investors who purchased shares of Agrify Corporation (NASDAQ: AGFY) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Agrify Corporation directors breached their fiduciary duties and caused damage to the company and its shareholders.
Burlington, MA based Agrify Corporation develops precision hardware and software grow solutions for the indoor agriculture marketplace primarily in the United States.
Agrify Corporation reported that its annual Total Revenue rose from $4.08 million in 2019 to $12.08 million in 2020, and that its Net Loss increased from $3.04 million in 2019 to $21.61 million in 2020.
On December 16, 2021, Bonitas Research, a short seller, released a report alleging multiple problems with Agrify Corporation. The allegations include that "We believe that Agrify created artificial demand for its product by financing undisclosed Company insiders to act as independent customers." Further stating, "after its January 2021 IPO, Agrify's shares soared amongst a wave of sales announcements to alleged independent third party licensed commercial growers via new total turnkey partnerships ('TTK Partnerships')." The report added, "the TTK Partnerships use Agrify's balance sheet to finance the construction of the customer's facility, equipment sales and installations, which suggests to us that Agrify's recorded revenues are artificially inflated by loan balances from Agrify to TTK Partnership customers."
Shares of Agrify Corporation (NASDAQ: AGFY) declined from $15.67 per share on December 8, 2021, to as low as $7.33 per share during January 19, 2022.
Those who purchased shares of Agrify Corporation (NASDAQ: AGFY) have certain options and should contact the Shareholders Foundation.
Contact:
Christopher Clausen
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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