Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of AgEagle Aerial Systems Inc. (UAVS) Investors

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired AgEagle Aerial Systems Inc. (“AgEagle” or the “Company”) (NYSE: UAVS) securities between September 3, 2019 and February 18, 2021, inclusive (the “Class Period”). AgEagle investors have until April 27, 2021 to file a lead plaintiff motion.

If you suffered a loss on your AgEagle investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/ageagle-aerial-systems-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [e-mail] to learn more about your rights.

On February 18, 2021, Bonitas Research published a report alleging, among other things, that AgEagle “was a pump & dump scheme orchestrated by Alpha Capital Anstalt (‘Alpha Capital’), AgEagle founder and former chairman Bret Chilcott and other UAVS insiders to defraud US investors.” The report also alleged that “in April 2020 rumor of a partnership between Amazon . . . & AgEagle was started by a promotional video uploaded to AgEagle’s founder and former chairman Bret Chilcott’s daughter’s personal website and youtube account” but that “we have found no evidence of any ‘major e-commerce customer.’” In mid-2020, AgEagle received over $23 million in proceeds from registered direct offerings. Then, in fourth quarter 2020, an Amazon spokesperson stated that the company does not have any dealings with AgEagle whatsoever.

On this news, AgEagle’s share price fell $5.13, or 36.4%, to close at $8.96 per share on February 18, 2021, thereby injuring investors.

The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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 its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired AgEagle securities during the Class Period, you may move the Court no later than April 27, 2021 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [e-mail], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

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