UPDATE: Investors Claim They Were Misled But Jury Disagrees

by Mark Friedman  on Monday, Sep. 20, 2004 12:00 am  

In August 2001, the plaintiffs said they were promised they would receive financial statements on Farm Fresh but never did. Farm Fresh blamed trouble with the software system for never producing the reports.

But in November 2003, more than two years after the plaintiffs made their investments, they finally received a financial report.

Ronnie Fair, a representative of United Farms, asked a Farm Fresh employee if he could produce a document that showed losses for 2003.

The employee did. The report showed Farm Fresh had a loss of $6 million for the year.

It was "the final killing blow to the enterprise known as Farm Fresh Catfish Co. and to the 'farmers' who had relied on the representations of these defendants," the lawsuit said.

Farm Fresh stopped production in May or June.

More: Jury Finds for Defendants in Catfish Case



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