LOS ANGELES–(BUSINESS WIRE)–The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of AgEagle Aerial Systems, Inc. (“AgEagle” or “the Company”) (NYSE: UAVS) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. AgEagle is the subject of a report by Bonitas Research published on February 18, 2021. The report alleges that the Company “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 alleges 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 the fourth quarter of 2020, an Amazon spokesperson stated that the e-commerce giant does not have any business relationship with AgEagle. Based on the Bonitas Research report, shares of AgEagle traded down sharply on the same day.
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