GlobeNewswire Inc | Feb 26, 2021 08:00PM EST

February 27, 2021

NEW YORK, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against AgEagle Aerial Systems, Inc. (AgEagle or the Company) (NYSE: UAVS) in the United States District Court for the Central District of California on behalf of those who purchased or acquired the securities of AgEagle between September 3, 2019 and February 18, 2021, inclusive (the Class Period). The lawsuit seeks to recover damages for investors under the federal securities laws.

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) AgEagle did not have a partnership with Amazon and in fact never had any relationship with Amazon; (ii) rather than correct the publics understanding about a partnership with Amazon, Defendants were actively contributing to the rumor that AgEagle had a partnership with Amazon; and (iii) as a result, Defendants statements about AgEagles business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Investors who purchased or otherwise acquired shares of AgEagle during the Class Period should contact the Firm prior to the April 27, 2021 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.