NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Arizona on behalf of those who acquired AMMO Incorporated (“Ammo” or the “Company”) (NASDAQ: POWW) securities during the period of August 19, 2020 to September 24, 2024, inclusive (“the Class Period”). Investors have until November 29, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[Click here to learn more about the class action]
On September 24, 2024, Ammo announced that its Chief Financial Officer had resigned “at the request of the Board.” Further, the Company disclosed that it is conducting an independent investigation into its “internal control over financial reporting for the fiscal years 2020 through 2023.” On this news, the price of Ammo shares declined by $0.08, or 5.26%, to close at $1.44 per share on September 25, 2024.
The lawsuit alleges that Ammo failed to disclose to investors that: (1) the Company did not have adequate internal controls for financial reporting; (2) there was a substantial likelihood that the Company did not accurately disclose all executive officers, management members, and related party transactions from 2020 to 2023; (3) there was a substantial likelihood the Company misclassified certain fees for investor relations and legal services as reductions in capital raised in 2021 and 2022; and (4) there was a substantial likelihood the Company did not correctly value unrestricted stock awards given to officers, directors, employees, and others from 2020 to 2022.
If you purchased or otherwise acquired Ammo securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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