Wichita-based AgEagle Aerial Systems is no longer facing legal challenges from shareholders, as all pending lawsuits against the company have been dismissed.
That includes a consolidated class-action suit of shareholders and two separate shareholder derivative complaints.
According to court documents, the dismissals were made voluntarily on the part of the plaintiffs.
AgEagle (NYSE: UAVS) says in a press release that the dismissals “resolve all known litigation against the company and its officers and directors concerning company operations.”
All the lawsuits stemmed from an item published in February by short-seller Bonitas Research that alleged the drone maker had misled investors to believe its touted, but unnamed, e-commerce client was online retail giant Amazon, in an attempt to help boost its stock price.
An Amazon spokesperson told the WBJ last October that the company did not have a partnership with AgEagle.
Shares fell 1 cent to $2.30 per share the day of the WBJ report, which was cited in the Bonitas note and has been referenced in the lawsuits.
They fell 36.4% the day of the Bonitas report.
AgEagle is scheduled to release its second-quarter earnings on Monday.
The drone company relocated last year from Neodesha to Wichita.
