Kessler Topaz Meltzer & Check, LLP Reminds Investors of Deadline for Securities Fraud Class Action Lawsuit Filed Against AgEagle Aerial Systems, Inc.

The law firm of Kessler Topaz Meltzer & Check, LLP reminds investors of AgEagle Aerial Systems, Inc. (NYSE: UAVS) (“AgEagle”) that a securities fraud class action lawsuit has been filed on behalf of those who purchased or acquired AgEagle securities between September 3, 2019 and February 18, 2021, inclusive (the “Class Period”).

Investor Deadline Reminder: Investors who purchased or acquired AgEagle securities during the Class Period may, no later than April 27, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. [phone] or Adrienne Bell, Esq. [phone]; toll free at [phone]; via e-mail at [e-mail]; or click https://www.ktmc.com/ageagle-aerial-systems-class-action-lawsuit?utm_s ...

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.