LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of AgEagle Aerial Systems Inc. (“AgEagle” or the “Company”) (NYSE: UAVS) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On February 18, 2021, Bonitas Research published a report alleging, among other things, that AgEagle “was a pump & dump scheme orchestrated by Alpha Capital Anstalt (‘Alpha Capital’), AgEagle founder and former chairman Bret Chilcott and other UAVS insiders to defraud US investors.” The report also alleged that “in April 2020 rumor of a partnership between Amazon . . . & AgEagle was started by a promotional video uploaded to AgEagle’s founder and former chairman Bret Chilcott’s daughter’s personal website and youtube account” but that “we have found no evidence of any ‘major e-commerce customer.’” In mid-2020, AgEagle received over $23 million in proceeds from registered direct offerings. Then, in fourth quarter 2020, an Amazon spokesperson stated that the company does not have any dealings with AgEagle whatsoever.
On this news, the Company’s stock price fell sharply during intraday trading on February 18, 2021.
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If you purchased AgEagle securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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