Pomerantz LLP proclaims that a class motion lawsuit has been filed in opposition to AgEagle Aerial Programs, Inc. (“AgEagle” or the “Firm”) (NYSE: UAVS) and sure of its officers. The category motion, filed in america District Courtroom for the Central District of California, and docketed underneath 21-cv-01991, is on behalf of a category consisting of all individuals and entities aside from Defendants that bought or in any other case, acquired publicly traded AgEagle securities between September three, 2019 and February 18, 2021, inclusive (the “Class Interval”). Plaintiff seeks to get better compensable damages attributable to Defendants’ violations of the federal securities legal guidelines underneath the Securities Trade Act of 1934 (the “Trade Act”).
In case you are a shareholder who bought AgEagle securities in the course of the Class Interval, you’ve got till April 27, 2021 to ask the Courtroom to nominate you as Lead Plaintiff for the category. A duplicate of the Criticism could be obtained at www.pomerantzlaw.com. To debate this motion, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.Four-POMLAW), toll-free, Ext. 7980. Those that inquire by e-mail are inspired to incorporate their mailing handle, phone quantity, and the variety of shares bought.
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AgEagle purports to be a business drone firm. In accordance with AgEagle’s web site, the Firm is engaged within the design, engineering, and manufacturing of business drones, in addition to in offering drone providers and options to the agriculture trade.
The Criticism alleges that all through the Class Interval, Defendants made materially false and/or deceptive as a result of they misrepresented and did not disclose the next adversarial information pertaining to the Firm’s enterprise, operations and prospects, which have been identified to Defendants or recklessly disregarded by them. Particularly, Defendants made false and/or deceptive statements and/or did not disclose that: (1) AgEagle didn’t have a partnership with Amazon and in reality by no means had any relationship with Amazon; (2) moderately than right the general public’s understanding a couple of partnership with Amazon, Defendants have been actively contributing to the rumor that AgEagle had a partnership with Amazon; and (three) because of this, Defendants’ statements about AgEagle’s enterprise, operations, and prospects, have been materially false and deceptive and/or lacked an affordable foundation in any respect related occasions.
On October 14, 2020, information broke that Amazon didn’t have a partnership settlement with AgEagle, and in reality by no means did. The Wichita Enterprise Journal revealed a narrative with the headline: “Unique: Who’s AgEagle’s massive buyer? We now know who it’s not.” The article reported that AgEagle was not partnering with Amazon.
On February 18, 2021, Bonitas Analysis revealed a report revealing that AgEagle “was a pump & dump scheme orchestrated by . . . AgEagle founder and former chairman Bret Chilcott and different UAVS insiders to defraud US buyers.”
On this information, shares of AgEagle, fell $5.13, or 36.Four%, to shut at $eight.96 on February 18, 2021, damaging buyers.
The Pomerantz Agency, with places of work in New York, Chicago, Los Angeles, and Paris is acknowledged as one of many premier corporations within the areas of company, securities, and antitrust class litigation. Based by the late Abraham L. Pomerantz, referred to as the dean of the category motion bar, the Pomerantz Agency pioneered the sector of securities class actions. Right this moment, greater than 80 years later, the Pomerantz Agency continues within the custom he established, preventing for the rights of the victims of securities fraud, breaches of fiduciary responsibility, and company misconduct. The Agency has recovered quite a few multimillion-dollar damages awards on behalf of sophistication members.
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