GlobeNewswire Inc | Feb 22, 2021 08:42AM EST

February 22, 2021

BOSTON, Feb. 22, 2021 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, reminds investors that it is investigating AgEagle Aerial Systems Inc. (NYSE: UAVS) for potential violations of the federal securities laws.

On February 18, 2021, Bonitas Research published a report alleging that AgEagle is a pump & dump scheme orchestrated by Alpha Capital Anstalt . . . AgEagle founder and former chairman Bret Chilcott and other UAVS insiders to defraud US investors. The Bonitas report also provides that in April 2020 rumor of a partnership between Amazon . . . & AgEagle was started by a promotional video uploaded to [Chilcotts] daughters personal website and youtube account, but Bonitas wrote that we have found no evidence of any major e-commerce customer. In 2020, AgEagle received over $23 million in proceeds from registered direct offerings. Then in the fourth quarter of 2020, according to Bonitas, an Amazon spokesperson disclosed that Amazon specifically does not have any dealings with AgEagle whatsoever. The market was stunned by this development, with shares falling over 36% in one day, representing hundreds of millions of dollars in lost market capitalization.

Block & Leviton LLP (www.blockleviton.com) is investigating whether AgEagle and certain of its executives may be liable for securities fraud. If you purchased or acquired shares of AgEagle and have questions about your legal rights or possess information relevant to this investigation, please contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockleviton.com, or visit our website for information on the case.

Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the countrys financial markets. The firm represents many of the nations largest institutional investors as well as individual investors in securities litigation throughout the United States. The firms lawyers have recovered billions of dollars for its clients.

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CONTACT:BLOCK & LEVITON LLP260 Franklin St., Suite 1860Boston, MA 02110Phone: (617) 398-5600Email: cases@blockleviton.comSOURCE: Block & Leviton LLPwww.blockleviton.com