AgEagle investors may receive additional information about the case by clicking the link "Submit Your Information" above.
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.”
Throughout the Class Period, AgEagle signaled to investors that AgEagle had partnered with Amazon.com, Inc. (“Amazon”) to manufacture and assemble drones for the delivery of consumer goods.
However, on October 14, 2020, news broke that Amazon did not have a partnership agreement with AgEagle, and in fact never did. The Wichita Business Journal published a story with the headline: “Exclusive: Who’s AgEagle’s big customer? We now know who it’s not.” The article reported that AgEagle was not partnering with Amazon.
Then, on February 18, 2021, Bonitas Research published a report revealing that AgEagle “was a pump & dump scheme orchestrated by . . . AgEagle founder and former chairman Bret Chilcott and other UAVS insiders to defraud US investors.” The report stated that “an Amazon spokesperson disclosed to reporter Daniel McCoy of the Witchita Business Journal that Amazon specifically does not have any dealings with AgEagle whatsoever.” Following this news, shares of AgEagle fell $5.13, or 36.4%, to close at $8.96 on February 18, 2021.
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.
If you are a member of the class described above, you may no later than April 27, 2021 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
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: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll-free at (844) 887-9500; or via e-mail at firstname.lastname@example.org. 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.