Class Action Lawsuit Filed On Behalf Of Investors Of AgEagle Aerial Systems Inc. – UAVS Investors Who Have Suffered Losses Greater Than $50,000 Encouraged To Contact Kehoe Law Firm, P.C.
PHILADELPHIA, March 4, 2021 (GLOBE NEWSWIRE) – Law firm Kehoe, PC, is investigating potential securities claims on behalf of investors of AgEagle Aerial Systems Inc. (“AgEagle” or the “Company”) (NYSE: UAVS) to determine if the company is involved in securities fraud or other illegal business practices.
On March 4, 2021, a class action lawsuit was filed in the U.S. District Court, Central District of California, on behalf of AgEagle investors who purchased or otherwise purchased AgEagle securities between September 3, 2019 and February 18, 2021, both dates inclusive acquired (the “class period”).
According to the class action lawsuit, AgEagle’s defendants made false and / or misleading statements and / or failed to disclose that (1) AgEagle was not and, in fact, never had a relationship with Amazon; (2) Rather than correcting the public’s understanding of partnering with Amazon, AgEagle’s defendants actively contributed to the rumor that AgEagle was partnering with Amazon. and (3) as a result, Defendants of AgEagle’s statements about AgEagle’s business, business and prospects were materially false and misleading and / or were unfounded at all relevant times.
On February 18, 2021, Bonitas Research published a report which found, among other things, that AgEagle “. . . was a pump and dump program orchestrated by Alpha Capital Anstalt. . ., AgEagle founder and former chairman Bret Chilcott and other UAVS insiders to scam US investors. “
The Bonitas Research report also states that Bonitas Research “. . . [has] No evidence of a “major e-commerce customer” or drone technology was found credited to AgEagle, except for the promotional video posted by AgEagle’s founder and former chairman Bret Chilcott’s daughter. “
In addition, Bonitas Research reported that “[i]In the fourth quarter of 20, an Amazon spokesperson told Witchita Business Journal reporter Daniel McCoy that Amazon has no business with AgEagle. “
In that news, AgEagle’s shares fell significantly during intraday trading, closing 36.41% on February 18, 2021, hurting investors.
INVESTORS WHO HAVE PURCHASED OR OTHERWISE PURCHASED UAVS SECURITIES DURING THE CLASS PERIOD AND LOSSES MORE THAN US $ 50,000 ARE ENCOURAGED TO TERMINATE KEHOE LAW FIRMS SECURITY CLASS QUESTIONNAIRE OR CONTACT KEVIN CAULEY, DIRECTOR, BUSINESS DEVELOPMENT, (215) 792-6676, EXT. 802, KCAULEY@KEHOELAWFIRM.COM, SECURITIES@KEHOELAWFIRM.COM, INFO@KEHOELAWFIRM.COMTo discuss that SECURITY CLASS ACTION INVESTIGATION OR POSSIBLE LEGAL CLAIMS.
Kehoe Law Firm, PC, with offices in New York and Philadelphia, is a multidisciplinary plaintiffs law firm dedicated to protecting investors from securities fraud, fiduciary violations, and corporate misconduct. Together, the law firm’s partners have served as lead counsel or co-lead counsel in cases where institutional and individual investors have withdrawn more than $ 10 billion.
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