AgEagle Aerial Systems Announces the Dismissal of Consolidated Securities Class Action Lawsuit and Related Derivative Lawsuits – sUAS News
AgEagle Aerial Systems Inc. (NYSE American: UAVS) (“AgEagle” or the “Company”), an industry leader in drone solutions, announced today that several previously disclosed lawsuits against the company and some of its current and former officers and directors have been dismissed.
As previously disclosed in the company’s SEC filings, AgEagle and some of its current and former officers and directors have been named as defendants in two alleged securities class actions filed in the US District Court for the Central District of California (Lopez v AgEagle Aerial Systems Inc ., et al., Case No. 2: 21-cv01810 and Madrid v AgEagle Aerial Systems Inc., et al., Case No. 2: 21-cv-01991). These matters were consolidated and a lead plaintiff named by court order. The company is now pleased to announce that the lead plaintiff filed a voluntary dismissal of the consolidated securities class action on July 30, 2021.
Separately, two shareholders filed derivatives compliance on behalf of the company and against certain of our current and former officers and directors in federal court in Nevada [Nostrand and Rickerson v. Mooney et al. (Defendants) and AgEagle Aerial Systems Inc., (Nominal Defendant), Case No. 3:21-cv-00130.]. AgEagle is pleased to announce that the plaintiffs in this Nevada derivative lawsuit filed a voluntary dismissal of the lawsuit on July 20, 2021, and the court declared the case “closed” and “closed.”
Finally, on July 27, 2021, a separate shareholder filed a similar lawsuit on behalf of the company and against certain of its current and former officers and directors in the U.S. District Court for the Central District of California (Granja v AgEagle Aerial Systems) Inc., et al., Case No. 2: 21-cv-06056). AgEagle is pleased to announce that the plaintiff in this California derivatives lawsuit filed a voluntary dismissal of the lawsuit on August 11, 2021.
These layoffs will resolve all known legal disputes against the Company and its officers and directors relating to the Company’s business.
About AgEagle Aerial Systems Inc.
Founded in 2010, AgEagle is one of the nation’s leading providers of commercial drone technology. AgEagle’s mission is to empower The Drone Age ™ by bringing US-made drone solutions to the world. The company leverages its reputation as one of the industry’s leading technology solutions and air data intelligence providers to deliver high-performance end-to-end drone solutions for commercial use worldwide. AgEagle products are proudly manufactured and assembled in the United States.
You can find more information on our websites at www.ageagle.com, www.measure.com and www.micasense.com.