Click here to join the case
LOS ANGELES, March 03, 2021 (GLOBE NEWSWIRE) —
The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of AgEagle Aerial Systems, Inc. (“AgEagle” or “the Company”) (NYSE:UAVS) investors that acquired securities between September 3, 2019 and February 18, 2021.
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.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.