AgEagle Aerial Systems, Inc.
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 complaint, filed on February 26, 2021, 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 this news, shares of AgEagle, fell $5.13, or 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@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.