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NEW ORLEANS, July 31, 2021--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF has commenced an investigation into AgEagle Aerial Systems Inc. (NYSE: UAVS).
In September 2019, the Company announced its entry into the commercial package delivery drone market. Then, in April 2020, the Company announced that it had received its first purchase order and a subsequent follow-on order "from a major unnamed ecommerce company." Widespread public and media speculation that the unnamed partner was retail giant, Amazon.com, Inc., grew over the next several months, which the Company failed to deny. In October 2020, an Amazon spokesperson denied any partnership or working arrangement with the Company in any capacity. Then, on February 18, 2021, Bonitas Research reported that the Company "was a pump & dump scheme orchestrated by . . . AgEagle founder and former chairman Bret Chilcott and other UAVS insiders to defraud US investors," and that it had found no evidence that the Company had any "major e-commerce customer."
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws, which remains ongoing.
KSF’s investigation is focusing on whether AgEagle’s officers and/or directors breached their fiduciary duties to AgEagle’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of AgEagle shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org), or visit https://www.ksfcounsel.com/cases/nyse-uavs/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
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Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner