| COMPANY |
AgEagle Aerial Systems, Inc. |
| COURT |
United States District Court for the Central District of California |
| CASE NUMBER |
21-cv-01810 |
| JUDGE |
The Honorable Christina A. Snyder |
| CLASS PERIOD |
September 3, 2019 - February 18, 2021 |
| SECURITY TYPE |
Common Stock |
Case Background:
AgEagle is a commercial drone company that is engaged in the design, engineering, and manufacturing of commercial drones, as well as in providing drone services and solutions to the agriculture industry.
The Class Period commences on September 3, 2019, when AgEagle issued a press release entitled: “AgEagle Enters the Fast-Growing Commercial Drone Package Delivery Market.” The subtitle read: “Initial Purchase Orders Received and Testing Underway.” The press release stated, in part, that AgEagle “received [its] first purchase orders to manufacture and assemble UAVs designed to meet the critical specifications for drones that are meant to carry goods in urban and suburban areas. [AgEagle] look[s] forward to providing greater detail in the near future on AgEagle’s plans to address the needs of this highly specialized new market and the specific role [it] expects to play in its ongoing development.”
The complaint alleges that, throughout the Class Period, the Defendants made false and/or misleading statements and/or failed to disclose 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, the defendants were actively contributing to the rumor that AgEagle had a partnership with Amazon; and (3) as a result, the defendants’ statements about AgEagle’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Current Status of Case:
On July 30, 2021, Lead Plaintiff voluntarily dismissed the case. This action has concluded.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.