Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against AMMO, ...

NEW YORK, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the District of Arizona on behalf of all persons or entities who purchased or otherwise acquired AMMO, Inc. (“AMMO” or the “Company”) (NASDAQ: POWW) securities between August 19, 2020 through September 24, 2024, inclusive (the “Class Period”). The lawsuit seeks to recover damages for the Company’s investors under the federal securities laws.

The Complaint alleges that on September 24, 2024, after the market closed, AMMO announced that its Chief Financial Officer had resigned “at the request of the Board.” AMMO also disclosed that it is conducting an independent investigation into its “internal control over financial reporting for the fiscal years 2020 through 2023.” The Company further disclosed that it had retained a law firm to conduct an independent investigation into whether the Company and its management control persons at the time: “(i) accurately disclosed all executive officers, members of management, and potential related party transactions in fiscal years 2020 through 2023; (ii) properly characterized 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; and (iii) appropriately valued unrestricted stock awards to officers, directors, employees and others in fiscal years 2020 through 2022.”

On this news, AMMO’s stock price fell $0.08 per share, or 5.26%, to close at $1.44 per share on September 25, 2024.

Investors who purchased or otherwise acquired shares of AMMO should contact the Firm prior to the November 29, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.