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Investors with losses are encouraged to contact the firm before April 27, 2021; click here to submit trade information
LOS ANGELES, April 21, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of AgEagle Aerial Systems, Inc. (NYSE: UAVS) investors that acquired shares between September 3, 2019 and February 18, 2021. Investors have until April 27, 2021 to seek an active role in this litigation.
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.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 27, 2021.
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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.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar