Investor Alert
The Law Offices of Howard G. Smith are sending out a crucial reminder to investors that the cut-off date for filing a lead plaintiff motion in the class action lawsuit against AMMO, Inc. (“AMMO” or the “Company”) POWW is November 29, 2024. This concerns individuals who purchased AMMO securities between August 19, 2020 and September 24, 2024 (the “Class Period”).
Recent Developments
On September 24, 2024, after the markets closed, AMMO disclosed the sudden resignation of its Chief Financial Officer, a move purportedly at the Board’s behest. Moreover, the Company made public an ongoing independent investigation into its “internal control over financial reporting for the fiscal years 2020 through 2023.” Additionally, the Company revealed the retention of a law firm to investigate whether the Company and its management accurately disclosed all executive officers, members of management, and potential related party transactions between fiscal years 2020 and 2023, properly characterized specific fees paid for investor relations and legal services in fiscal years 2021 and 2022, and correctly valued unrestricted stock awards in fiscal years 2020 through 2022.
Market Response
Subsequent to this announcement, the Company witnessed a decline of $0.08, equivalent to 5.26%, settling at $1.44 per share on September 25, 2024. This decline took place amid significantly heightened trading volume.
Allegations
The complaint filed in this class action contends that throughout the Class Period, Defendants made false or misleading statements and failed to divulge material adverse information concerning the Company’s business, operations, and prospects. Specifically, the Defendants did not reveal that the company had deficient internal controls over financial reporting, inaccurately disclosed executive officers, members of management, and potential related party transactions between fiscal years 2020 and 2023, mischaracterized certain fees paid in fiscal years 2021 and 2022, and inadequately valued unrestricted stock awards in fiscal years 2020 through 2022. As a result, Defendants’ positive statements about the Company’s business were deemed misleading or baseless.
Legal Action
Investors who acquired AMMO securities during the Class Period are urged to act by November 29, 2024, to seek appointment as lead plaintiff provided they satisfy specific legal conditions. In order to be part of the class action, no immediate action is required; individuals have the option to retain their own legal representation or remain a passive member. For further details on this case or any queries concerning your rights, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith.
Important Notice
Kindly note that this press release may be deemed as Attorney Advertising in particular jurisdictions according to relevant laws and ethical stipulations.
