Shareholder rights law firm Robbins LLP reminds shareholders that a purchaser of AgEagle Aerial Systems, Inc. (NYSE: UAVS) filed a class action complaint against the Company and its officers and directors for alleged violations of the Securities Exchange Act of 1934 between September 3, 2019 and February 18, 2021. AgEagle is a commercial drone company.
If you suffered a loss due to AgEagle Aerial Systems, Inc.'s misconduct, click here.
AgEagle Aerial Systems, Inc. (UAVS) Misled Shareholders About its Partnership with Amazon
According to the complaint, on September 3, 2019, AgEagle issued a press release announcing that it was entering the commercial drone package delivery market. In the release, then-CEO Barrett Mooney listed numerous companies that were "actively developing commercial drone-delivery service initiatives as part of their long-term strategic plans" and announced AgEagle's first purchase order to manufacture and assemble unmanned aerial vehicles "to meet the critical specifications for drones that are meant to carry goods in urban and suburban areas." Throughout the relevant period, defendants touted the impact of the purchase order on the Company, and made statements and took actions that led to speculation of a partnership between AgEagle and Amazon.
On October 14, 2020, The Wichita Business Journal broke the news that Amazon did not – and never had – a partnership agreement with AgEagle. Then, 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 U.S. investors." On this news, shares of AgEagle fell over $5.00, or more than 36%, to close at $8.96 on February 18, 2021, damaging investors.
If you purchased shares of AgEagle Aerial Systems, Inc. between September 3, 2019 and February 18, 2021, you have until April 26, 2021, to ask the court to appoint you lead plaintiff for the class.
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