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.

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Portnoy Law Firm
Lesley F. Portnoy, Esq.,
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067