On October 14, 2020, news broke that AgEagle did not have a partnership agreement with Amazon, and never did. A story was published in The Wichita Business Journal with the headline: “Exclusive: Who’s AgEagle’s big customer? We now know who it’s not.” Shares of AgEagle fell $5.13, or 36.4%, on this news, to close at $8.96 on February 18, 2021, damaging investors. It is alleged in this complaint that AgEagle made misleading and/or false statements and/or failed to disclose that: (1) Amazon did not have a partnership with AgEagle and in fact never had any relationship with AgEagle; (2) rather than correct the public’s understanding about a partnership with Amazon, AgEagle were actively contributing to the rumor of a partnership between the two companies; and (3) as a result, AgEAgle’s statements about their business, operations, and prospects, were materially misleading and false and/or lacked a reasonable basis at all relevant times. The lawsuit claims that investors suffered damages when the true details entered the market.
AgEagle Aerial Systems, Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
