An investigation on behalf of investors of AgEagle Aerial Systems, Inc. (NYSE: UAVS) shares over potential securities laws violations by AgEagle Aerial Systems, Inc. and certain of its directors and officers in connection with certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of AgEagle Aerial Systems, Inc. (NYSE: UAVS) concerning whether a series of statements by AgEagle Aerial Systems, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Wichita, KS based AgEagle Aerial Systems, Inc. designs, develops, produces, distributes, and supports unmanned aerial vehicles for the precision agriculture industry in the United States and internationally. AgEagle Aerial Systems, Inc. reported that its annual Total Revenue rose from $107.81 million in 2018 to $296.67 million in 2019, and that its Net Loss increased from $2.08 million in 2018, to $2.52 million in 2019.

On February 18, 2021, a report was published entitled 'AMAZON SAYS NO PARTNERSHIP' in which the reported detailed a series of allegedly alarming red flags about AgEagle Aerial Systems, Inc..
Specifically, the 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 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 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 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.'

Shares of AgEagle Aerial Systems, Inc. (NYSE: UAVS) declined from $17.68 per share on February 10, 2021, to as low as $7.00 per share on February 23, 2021.