Agrify fraud case

Birdie told me that agrify is in full blown meltdown mode.

Anyone have details on this?

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Search agrify…

I highly doubt anyone’s gonna sink pure pressure/Cascade/precision combo +++

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Precision had a ton of suits against them for shit

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Name an equipment supplier here without drama. On or off the court books. :joy: Hell that’s the place to be after all my studies. Drama or not.

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Please elaborate

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I love wormholes, I’ll dig in when I get home and see what I can turn up

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Basically like a year and half ago we needed a bunch of parts and we used precision.

Pretty shit customer service.

It was so bad that other partners would looking for options because of down time it costed us. Apparently a ton of companies were going through the same and filing lawsuits.

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I have witnessed this song n dance with them.

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I have quoted a few warehouses with agrify systems…

They’re over $20k for their self contained grow units. 4’x8’x10’H.
That was 2020 pricing.
Tbh seems INCREDIBLY overpriced.

I went as far as to talking to their lead design engineer about various subsystems and logistics planning for routine maintenance…
He didn’t seem to have much to say to be honest.
This was 2020-2021.

I am puzzled as to how they gained any notoriety, at the last MJ biz con, all the new companies aquired by agrify were puzzled that I thought the agrify grow system was quite a joke/scam of sorts…

Why would you wanna set up microspheres for each 4x8 tray, thats a strait fucking nightmare.

Prefab structures are only used in the commercial/industrial/residential building sectors when time is of essence or compacy portable modularity is required…

Eg, only amusement parks, large/commercial/naval ships, and a few extreme condition applications use prefab units.

Idk who in their right mind would buy an agrify grow system, each pod has its own HVAC, drainage, irrigation, and humidity/dehumidifier system. Nightmare to achieve any reasonable sqft commercial canopy using them.

Oh, their engineer didnt really have plans for drainage systems on the VFU’s we were quoted for. Like literally didnt know the NPT/pipe size, location/placement, etc…

That was on a 2020 project.

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They just seemed like total ‘bros’, with corporate bro culture lol.

Met multiple times with the C level guys on video chats, and in person a year later on other projects that were getting quoted by them.

None seemed like they smoked weed, ever, in life lol.

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Not tryna expose them of anything, I didnt see anything wrong other than the dude not knowing his drain plans off hand…

Price is nuts though. I could assemble a 4x8 grow tent for like $2k, all in with automation all over, and integrated HVAC…

In a Uline pallet frame, with retractable sides, add like another $1250 per unit. Bam. Stackable units, but not 1000% markup lol.

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https://www.businesswire.com/news/home/20211216006242/en/AGRIFY-ALERT-Bragar-Eagel-Squire-P.C.-is-Investigating-Agrify-Corporation-on-Behalf-of-Agrify-Stockholders-and-Encourages-Investors-to-Contact-the-Firm

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Had a lab i was outfitting at the time i needed a simple replacement platter and there lack of service made me and them look else where. A few million they missed out on, still have never gotten a call about the platter 2 yrs later.

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Sounds like you need to go into the modular grow business and put Agrify under. :thinking:

Sarcasm aside, all this info is pretty nuts to hear, although not all that surprising.

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Fuck it, I have a few thousand sqft of extra warehouse space…

Ill ask some friends with small/medium indoor grows if I can use some canopy space to test.

Busy the next few months with projects, I need more employees :grinning::sweat_smile:

LDT would have the craziest story if It went public and took out the cascade/agrify merger lmfaoooo

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Apparently there are more then a couple class action suits firing up against them, as per what google indicates.

Interesting. Settlements inccc

These suits are just ambulance chasers responding to the short report linked here, they win cases maybe 10% of the time: https://www.bonitasresearch.com/wp-content/uploads/dlm_uploads/2021/12/BonitasResearch-Short-Agrify-Nasdaq-AGFY-Dec-16-2021.pdf?nocookies=yes

They only have a few customers and most have little/zero experience in cannabis. The big “catalyst” that stock promoters/naive investors are using to pump them is that Curaleaf is partnering with them for R&D efforts… which doesn’t mean anything. They probably just gave a single unit to Curaleaf for the PR release. The units are way too expensive and too small to actually do the “microclimate” analysis they claim to be designed for. They’re apparently installing over 1,500 units for a new Florida licensee… I would pay to go see how that’s going a month in lol.

Overall I’d be very interested in discussing them further if anyone has details.

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Hers the core of the case:

On December 16, 2021, during trading hours, market analyst Bonitas Research published a report regarding Agrify which alleges several issues at the Company including that “[w]e believe that Agrify created artificial demand for its product by financing undisclosed Company insiders to act as independent customers.” Further the report alleges that “Agrify insiders lied to investors about the independence of its customer base in order to execute a dubious stock promotion for self-enrichment at the expense of minority shareholders[,]” and that “[e]vidence showed that five (5) of Agrify’s eight (8) customer announcements in 2021 are either with undisclosed Company insiders or with unlicensed unproven operators.”

On this news, Agrify’s common stock price fell sharply during intraday on December 16, 2021.

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