NEW YORK, NY / ACCESSWIRE / February 20, 2021 / Pomerantz LLP is investigating claims on behalf of investors of AgEagle Aerial Systems, Inc. ("AgEagle" or the "Company") (NASDAQ:UAVS). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether AgEagle and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On February 18, 2021, Bonitas Research ("Bonitas") published a report describing the Company as "a pump & dump scheme" designed "to defraud US investors." The Bonitas report stated that the "rumor of a partnership between Amazon.com, Inc. . . . & 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 (the ‘Promo Video')," and Bonitas claims to "have found no evidence of any ‘major e-commerce customer' or any drone technology credited to AgEagle other than reference to the Promo Video." The Bonitas report further noted that "[i]n 4Q'20 an Amazon spokesperson disclosed to reporter Daniel McCoy of the Witchita Business Journal that Amazon specifically does not have any dealings with AgEagle whatsoever." On this news, AgEagle's stock price fell sharply during intraday trading on February 18, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP