Kessler Topaz Meltzer & Check, LLP Reminds Investors of Securities Fraud Class Action Lawsuit Filed Against AgEagle Aerial Systems, Inc.
RADNOR, Pa., March 15, 2021 (GLOBE NEWSWIRE) – Law firm Kessler Topaz Meltzer & Check, LLP announces that a class action lawsuit for securities fraud has been filed in the US District Court for the Central District of California AgEagle Aerial Systems, Inc. ( NYSE: UAVS) (“AgEagle”) on behalf of those who have bought or acquired AgEagle securities between September 3, 2019 and February 18, 2021including (the “Class Period”).
Investor Deadline Reminder: Investors who have bought or acquired AgEagle securities during the lesson period, by April 27, 2021 at the latesttry to be appointed as the plaintiff’s principal representative of the class. For more information or to learn how to participate in this litigation, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; per email to email@example.com; or click https://www.ktmc.com/ageagle-aerial-systems-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=eagle
AgEagle is a commercial drone company engaged in the development, design and manufacture of commercial drones and the provision of drone services and solutions for the agricultural sector.
The class period begins on September 3, 2019 when AgEagle issues a press release entitled “AgEagle Enters the Fast-Growing Market for Commercial Drone Package Delivery”. The subtitle read: “First orders received and tests in progress.” The press release said in part that AgEagle “received [its] Initial orders to manufacture and assemble UAVs that meet critical specifications for drones designed to move goods in urban and suburban areas. [AgEagle] look[s] We look forward to delving into AgEagle’s plans in greater detail in the near future to meet the demands of this highly specialized new market and specific role [it] expects to play in its ongoing development. “
Throughout the class period, AgEagle signaled to investors that AgEagle had partnered with Amazon.com, Inc. (“Amazon”) to manufacture and assemble drones for the delivery of consumer goods.
However, on October 14, 2020, it was revealed that Amazon did not and never did a partnership agreement with AgEagle. The Wichita Business Journal published a story entitled, “Exclusive: Who Is AgEagle’s Big Client? We now know who it isn’t. “The article reported that AgEagle has not partnered with Amazon.
Then, on February 18, 2021, Bonitas Research released a report that revealed that AgEagle was “a pump and dump program orchestrated by. . . AgEagle founder and former chairman Bret Chilcott and other UAVS insiders are cheating on US investors. “The report said,” An Amazon spokesman told reporter Daniel McCoy of the Witchita Business Journal that Amazon has no business with AgEagle. ” Following this news, AgEagle’s shares fell $ 5.13, or 36.4%, to close at $ 8.96 on February 18, 2021.
The complaint alleges that throughout the classroom, the 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, the defendants actively contributed to the rumor that AgEagle was partnering with Amazon. and (3) as a result, Defendants’ statements about AgEagle’s business, business and prospects were materially false and misleading and / or were unfounded at all relevant times.
AgEagle investors can, by April 27, 2021 at the latest, attempt to be appointed as the class lead plaintiff by Kessler Topaz Meltzer & Check, LLP, or other attorney, or choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the dispute. To be named lead plaintiff, the court must determine that the class member’s claim is typical of those of other class members and that the class member is adequately representing the class. Your ability to get involved in a recovery will not be affected by whether or not you will be the lead plaintiff.
Kessler Topaz Meltzer & Check, LLP, pursues class actions in state and federal courts across the country involving securities fraud, fiduciary violations, and other violations of federal and state law. Kessler Topaz Meltzer & Check, LLP, is a driving force behind corporate governance reform and has reclaimed billions of dollars on behalf of institutional and individual investors from the US and around the world. The company represents investors, consumers and whistleblowers (individuals who report fraudulent practices against the government and are involved in recovering government dollars). The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. Further information on Kessler Topaz Meltzer & Check, LLP can be found at www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro Jr., Esq.
Adrienne Bell, Esq.
280 Street of the King of Prussia
Radnor, PA 19087
(844) 887-9500 (toll free)