AgEagle Aerial Systems Announces the Dismissal of Consolidated Securities Class Action Lawsuit and Related Derivative Lawsuits

WICHITA, Kan., Aug. 12, 2021 (GLOBE NEWSWIRE) -- AgEagle Aerial Systems Inc. (NYSE American: UAVS) (“AgEagle” or the “Company”), an industry-leading drone solutions provider, today announced that multiple, previously-disclosed lawsuits against the Company and certain of its current and former officers and directors have been dismissed.

As previously disclosed in the Company’s SEC filings, AgEagle and certain of its current and former officers and directors were named as defendants in two putative securities class actions filed in the U.S. District Court for the Central District of California (Lopez v. AgEagle Aerial Systems Inc., et al., Case No. 2:21-cv01810; and Madrid v. AgEagle Aerial Systems Inc., et al., Case No. 2:21-cv-01991). These matters were consolidated, and a Lead Plaintiff designated by Court Order. The Company is now pleased to report that on July 30, 2021, the Lead Plaintiff filed a voluntary dismissal of the consolidated securities class action.

Separately, two shareholders filed a derivative compliant on behalf of the Company and against certain of our current and former officers and directors before the Nevada federal court [Nostrand and Rickerson v. Mooney et al. (Defendants) and AgEagle Aerial Systems Inc., (Nominal Defendant), Case No. 3:21-cv-00130.]. AgEagle is pleased to report that on July 20, 2021, the Plaintiffs in this Nevada derivative action filed a voluntary dismissal of the action, and the court designated the case “closed” and “terminated.”

Finally, on July 27, 2021, a separate shareholder filed a similar derivative complaint on behalf of the Company and against certain of its current and former officers and directors in the U.S. District Court for the Central District of California (Granja v. AgEagle Aerial Systems Inc., et al, Case No. 2:21-cv-06056). AgEagle is pleased to report that on August 11, 2021, the Plaintiff in this California derivative action filed a voluntary dismissal of the action.

These dismissals resolve all known litigation against the Company and its officers and directors concerning Company operations.

About AgEagle Aerial Systems Inc.
Founded in 2010, AgEagle is one of the nation’s leading commercial drone technology providers. AgEagle’s mission is to empower The Drone Age^™ by providing American-made drone solutions to the world. The Company is leveraging its reputation as one of the industry’s premium technology solutions and aerial data intelligence providers to deliver high performance, end-to-end drone solutions for commercial use worldwide. AgEagle products are proudly manufactured and assembled in the United States. For additional information, please visit our websites at www.ageagle.com, www.measure.com and www.micasense.com.

Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements involve risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from management’s current expectations include those risks and uncertainties relating to our competitive position, the industry environment, potential growth opportunities, and the effects of regulation and events outside of our control, such as natural disasters, wars or health epidemics. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.

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