INVESTOR ALERT: Kirby McInerney LLP Announces the Filing of a Securities Class Action Lawsuit Against AgEagle Aerial Systems, Inc.
NEW YORK–(BUSINESS WIRE)–$UAVS–The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of those who acquired AgEagle Aerial Systems, Inc. (“AgEagle” or the “Company”) (NYSE: UAVS) securities from September 3, 2019 through February 18, 2021, inclusive (the “Class Period”). Investors have until April 27, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) AgEagle did not have a partnership with Amazon and in fact never had any relationship with Amazon; (2) rather than correct the public’s understanding about a partnership with Amazon, defendants were actively contributing to the rumor that AgEagle had a partnership with Amazon; and (3) as a result, defendants’ statements about AgEagle’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On October 14, 2020, news broke that Amazon did not have a partnership agreement with AgEagle, and in fact never did. The Wichita Business Journal published a story with the headline: “Exclusive: Who’s AgEagle’s big customer? We now know who it’s not.”
On February 18, 2021, Bonitas Research published a report revealing that AgEagle “was a pump & dump scheme orchestrated by . . . AgEagle founder and former chairman Bret Chilcott and other UAVS insiders to defraud US investors.” On this news, shares of AgEagle fell $5.13, or approximately 36.4%, to close at $8.96 on February 18, 2021, damaging investors.
If you purchased or otherwise acquired AgEagle securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at [email protected], or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-371-6600
https://www.kmllp.com
[email protected]
