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LOS ANGELES, Nov. 05, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises AMMO, Inc. ("AMMO" or the "Company") (NASDAQ: POWW) investors of a class action representing investors that bought securities between August 19, 2020 and September 24, 2024, inclusive (the "Class Period"). AMMO investors have until November 29, 2024 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
Following this news, the company's share price dropped by $0.08, or 5.26%, closing at $1.44 per share on September 25, 2024, amid unusually high trading volume.
The class action complaint claims that during the Class Period, the Defendants made significant false and misleading statements and failed to reveal important negative information about the company's business and future prospects. Specifically, the Defendants allegedly did not inform investors about: (1) the company’s inadequate internal controls over financial reporting; (2) the likelihood that it did not accurately disclose all executive officers, management members, and potential related party transactions from fiscal years 2020 to 2023; (3) the possibility that the company mischaracterized certain fees for investor relations and legal services as reductions in capital raise proceeds rather than as expenses in fiscal years 2021 and 2022; (4) the likelihood that it improperly valued unrestricted stock awards to officers, directors, employees, and others from fiscal years 2020 to 2022; and (5) that, due to these issues, the Defendants’ positive statements regarding the company’s business and outlook were misleading and lacked a solid foundation.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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