AgEagle Aerial Systems, Inc.

Investigation
02/26/2021

Initial Lawsuit
02/26/2021

Lawsuit Progression
06/07/2021

Dismissal
07/30/2021

Investigation

Continous Holding
September 3, 2019 to February 18, 2021
Proposed Claim
Securities Violation

Investigation regarding AgEagle’s rumored partnership with Amazon and its alleged role in spreading the rumors.

Main Event

Short Seller Attack

02/18/2021

Research Report (Short)

Bonitas research publishs a report alleging AgEagle was nothing more than a “pump and dump” built on ” fake Amazon partnership rumors.”

The stock impact compares the closing price immediately preceding the date of the event and the following closing price. The price difference also reflects the overall mix of information.

Stock Impact

Close	Previous close	Price variation	Percentage variation
$8.96	$14.09	$-5.13	-36.41%

See more on Factual Timeline

Initial Lawsuit

First Complaint - 02/26/2021

Plaintiff brings this securities class action on behalf of persons or entities who purchased or otherwise acquired publicly traded AgEagle securities between September 3, 2019 and February 18, 2021, inclusive.

Filing Date
02/26/2021
Class Period
09/03/2019 to 02/18/2021
Transgression
Securities Violation
Filing Firms
The Rosen Law Firm, P.A.
Case Title
Lopez v. AgEagle Aerial Systems, Inc.
Docket Number
2:21-cv-01810
Court
California Central District Court
Free File
Complaint

Allegations

According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:

(1) AgEagle did not have a partnership with Amazon and in fact never had any relationship with Amazon;
(2) rather than correct the public’s understanding about a partnership with Amazon, defendants were actively contributing to the rumor that AgEagle had a partnership with Amazon; and
(3) as a result, defendants’ statements about AgEagle’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Defendants

Company
AgEagle Aerial Systems, Inc.
Chief Executive Officer
J. Michael Drozd
Chief Financial Officer
Nicole Fernandez-McGovern
Founder
Bret Chilcott
Chief Executive Officer
Barrett Mooney

Lawsuit progression

Docket Number
2:21-cv-01810
Court
California Central District Court

Lead Counsel

06/07/2021

The court issued an order appointing the lead plaintiff and lead counsel.

Lead Counsel
Kessler Topaz Meltzer & Check, LLP
Lead Plaintiff
Individual
Free File
Order for lead

Dismissal

On 07/30/2021, plaintiff voluntarily dismissed the complaint.

Lead Plaintiff has determined, following an investigation, not to file an amended complaint and hereby gives notice, by his undersigned counsel of record, that this action is voluntarily dismissed without prejudice pursuant to Fed. R. Civ. P. 41(a)(1)(A); and
Further, notice of this voluntary dismissal is not required under Fed. R. Civ. P. 23(e) because Lead Plaintiff has not settled any claim, nor does Lead Plaintiff seek to voluntarily dismiss the claims of any certified class or any class proposed to be certified for purposes of settlement.

Free File
Stipulation/Order of Dismissal