NEW YORK, January 27, 2022 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors in Agrify Corporation (“Agrify” or the “Company”) (NASDAQ:AGFY). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529 ext. 7980.
The investigation focuses on whether Agrify and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.
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At December 16, 2021, during trading hours, market analyst Bonitas Research (“Bonitas”) released a report regarding Agrify. Among other allegations, the Bonitas report claimed that “Agrify created artificial demand for its product by funding undisclosed insiders of the company to act as independent customers.[,]that “Agrify insiders lied to investors about the independence of its clientele in order to execute a questionable stock promotion to enrich themselves at the expense of minority shareholders[,]” and that “[e]Evidence showed that five (5) of Agrify’s eight (8) customer announcements in 2021 involved either undisclosed company insiders or unlicensed and unproven operators.
At this news, Agrify’s share price plummeted. $2.24 per share, or 17.81%, to close at $10.34 per share on December 16, 2021.
The firm Pomerantz, with offices in New York, Chicago, Los Angeles, and Paris is recognized as one of the leading firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz was a pioneer in the field of securities class actions. Today, more than 80 years later, the Pomerantz Company continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP