The Ticking Clock for AMMO, Inc.
Investors in AMMO, Inc. are facing a critical deadline of November 29, 2024 to take action. This pertains to a class action lawsuit covering a period from August 19, 2020 to September 24, 2024. As the law drums away, those who suffered losses on their AMMO investments are urged to connect with the Law Offices of Howard G. Smith. They can be reached at (215) 638-4847 or via email at howardsmith@howardsmithlaw.com.
The thunderbolt struck on September 24, 2024, after market hours when AMMO disclosed its Chief Financial Officer’s resignation, following a request from the Board. Moreover, the Company unveiled an internal investigation into its financial reporting controls for the fiscal years between 2020 and 2023. An independent probe has been initiated to scrutinize potential non-disclosures of essential information and incorrect valuations during those years.
As the news reverberated, AMMO’s shares went into a tailspin, plummeting by $0.08 or 5.26% to settle at $1.44 per share on September 25, 2024, with trading activity surging beyond the usual levels.
The lawsuit underscores allegations of pervasive deceit during the Class Period. It suggests that AMMO’s management concealed critical details about the Company’s functioning and future prospects. This includes lapses in financial controls, potential omissions in executive disclosures, improper expense categorizations, and flawed stock valuation practices.
For those who held AMMO securities during the Class Period, there’s a window until the November 29, 2024 deadline to step forward and petition as the lead plaintiff if eligibility criteria are met. As this legal drama plays out, potential class members can observe from the sidelines or engage legal counsel for advice on navigating this tumultuous terrain.
In ever-dynamic markets, caution lights flash for investors in AMMO, Inc. as the legal battleground takes shape. Vigilance and informed action will be key in weathering the storm, should the gavel come down in the court’s final decision.