PR Newswire
SAN DIEGO, Dec. 3, 2024
SAN DIEGO, Dec. 3, 2024 /PRNewswire/ -- The Shareholders Foundation, Inc. announced that lawsuit was filed for certain investors in AMMO, Inc. (NASDAQ: POWW) shares.
Investors who purchased in shares of AMMO, Inc. (NASDAQ: POWW) prior to August 2020 and continue to hold any of those shares have also options and should contact the Shareholders Foundation at [email protected] or call +1(858) 779 - 1554.
On September 24, 2024, after the market closed, AMMO, Inc. 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."
Then on September 30, 2024, a NASDAQ: POWW investor filed a lawsuit against AMMO, Inc. over alleged securities laws violations. The plaintiff alleges that the defendants failed to disclose to investors: that the company lacked adequate internal controls over financial reporting, that there was a substantial likelihood the Company failed to accurately disclose all executive officers, members of management, and potential related party transactions in fiscal years 2020 through 2023, that there was a substantial likelihood the Company failed to properly characterize certain fees paid for investor relations and legal services as reductions of proceeds from capital raises rather than period expenses in fiscal years 2021 and 2022, that there was a substantial likelihood the Company failed to appropriately value unrestricted stock awards to officers, directors, employees and others in fiscal years 2020 through 2022, and that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Those who purchased NASDAQ: POWW shares should contact the Shareholders Foundation, Inc.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
[email protected]
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.
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SOURCE Shareholders Foundation, Inc.
