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NOTICE OF DEADLINE FOR SHAREHOLDERS IN THE AGEAGLE AERIAL SYSTEMS CLASS ACTION LAWSUIT
Source:Robbins Geller Rudman & Dowd LLP news release

San Diego - Robbins Geller Rudman & Dowd LLP announces that a class action lawsuit has been filed in the Central District of California on behalf of purchasers of AgEagle Aerial Systems, Inc. (NYSE:UAVS) publicly traded securities between September 3, 2019 and February 18, 2021, inclusive (the "Class Period").

The case is captioned Lopez v. AgEagle Aerial Systems, Inc., No. 21-cv-01810, and is assigned to Judge Christina A. Snyder. The AgEagle Aerial class action lawsuit charges AgEagle Aerial and certain of its executives with violations of the Securities Exchange Act of 1934.

The Private Securities Litigation Reform Act of 1995 permits any investor who purchased AgEagle Aerial publicly traded securities during the Class Period to seek appointment as lead plaintiff in the AgEagle Aerial class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.

A lead plaintiff acts on behalf of all other class members in directing the AgEagle Aerial class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the AgEagle Aerial class action lawsuit. An investor's ability to share in any potential future recovery of the AgEagle Aerial class action lawsuit is not dependent upon serving as lead plaintiff.

If you wish to serve as lead plaintiff of the AgEagle Aerial class action lawsuit or have questions concerning your rights regarding the AgEagle Aerial class action lawsuit, please provide your information here or contact counsel, Jennifer Caringal of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at jcaringal@rgrdlaw.com. Lead plaintiff motions for the AgEagle Aerial class action lawsuit must be filed with the court no later than April 27, 2021.

AgEagle Aerial is engaged in the design, engineering, and manufacturing of commercial drones, as well as in providing drone services and solutions to the agriculture industry. On September 3, 2019, AgEagle Aerial issued a press release entitled "AgEagle Enters the Fast-Growing Commercial Drone Package Delivery Market," with a subtitle reading, "Initial Purchase Orders Received and Testing Underway." Thereafter, on April 29, 2020, a video posted on the personal website and YouTube channel of the daughter of AgEagle Aerial's founder, defendant Bret Chilcott, showed how to safely unbox the drones and included the logos of AgEagle Aerial and Amazon side-by-side. News of this video led to widespread speculation that AgEagle Aerial's "major unnamed ecommerce" partner was in fact Amazon.

The AgEagle Aerial class action lawsuit alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) AgEagle Aerial did not have a partnership with Amazon and in fact never had any relationship with Amazon; (ii) rather than correct the public's understanding about a partnership with Amazon, defendants were actively contributing to the rumor that AgEagle Aerial had a partnership with Amazon; and (iii) as a result, defendants' statements about AgEagle Aerial's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On October 14, 2020, news broke that Amazon did not have a partnership agreement with AgEagle Aerial, and in fact never did, when the Wichita Business Journal published a story with the headline "Exclusive: Who's AgEagle's big customer? We now know who it's not," reporting that "the retail giant has put the rumor to rest, with a company spokesperson telling the WBJ there is no partnership and that Amazon, to date, has not worked with AgEagle in any capacity."

Then, on February 18, 2021, Bonitas Research published a report stating that AgEagle Aerial "was a pump & dump scheme orchestrated by . . . AgEagle founder and former chairman Bret Chilcott and other UAVS insiders to defraud US investors." On this news, shares of AgEagle Aerial fell more than 36%, damaging investors.


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