SAN DIEGO, Feb. 18, 2021 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP is investigating potential violations of the federal securities laws by AgEagle Aerial Systems Inc. ("AgEagle" or the "Company") (NYSE: UAVS).
On February 18, 2021, Bonitas Research published a report entitled "AMAZON SAYS NO PARTNERSHIP” in which Bonitas detailed a series of alarming red flags about AgEagle.
Specifically, Bonitas, in its report, stated, "We believe that AgEagle Aerial Systems Inc.’s (NASDAQ: UAVS) (‘UAVS,’ ‘AgEagle,’ or 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.”
Further, the Bonitas report claimed, “In April 2020 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’). Since then, a 54 page due diligence document has circulated on Reddit which at various times referenced the Promo Video and suggested that the AgEagle’s partnership with Amazon was real.”
Additionally, the Bonitas report said, “We have found no evidence of any ‘major e-commerce customer’ or any drone technology credited to AgEagle other than reference to the Promo Video leaked by AgEagle’s founder and former Chairman Bret Chilcott’s daughter.”
The Bonitas report concluded. “In 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.”
Following this news, the Company's stock price fell 36.41% on February 18, 2021.
If you have information that could assist in this investigation, including past employees and others, or if you are an AgEagle shareholder and are interested in learning more about the investigation, please contact lead analyst Jim Baker (jimb@johnsonfistel.com) by email or phone at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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