The shareholder suits against Morehead, Kentucky-based AppHarvest were filed between November 2021 and August 2022 by individual investors and a county retirement association. They allege the agricultural startup, where Vance also briefly sat on the board, repeatedly overstated its hiring and retention figures, including in U.S. Securities and Exchange Commission filings that investors use to evaluate companies.
Vance’s campaign said his Cincinnati-based firm, Narya Capital, is itself an investor in AppHarvest and would suffer if the lawsuits' allegations were true. Spokesperson Taylor Van Kirk also emphasized that the actions were all filed after Vance left the board. The company grows tomatoes and other fruits and vegetables by sustainable agriculture methods on some of the world’s largest high-tech indoor farms, its website says. It has described its mission in SEC filings as empowering Appalachians, driving positive environmental change in the agriculture industry and improving the lives of its employees and the community.
“What we saw as an opportunity here is if you could use technology, bring the point of production a little bit closer to the end consumer, you could actually pay people a decent wage, you could build a company that investors and consumers would be proud of, but you just have better produce,” he said.
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