A federal securities class action lawsuit was filed against AMMO, Inc. on September 30, 2024, by an investor. The complaint alleges that the company and its executives violated federal securities laws through false and/or misleading statements and omissions.
The lawsuit claims the company lacked adequate internal controls over financial reporting and failed to accurately disclose executive officers, members of management, and potential related party transactions from fiscal years 2020 through 2023. It also alleges improper characterization of certain fees paid for investor relations and legal services in fiscal years 2021 and 2022.
Furthermore, the complaint states that the company failed to appropriately value unrestricted stock awards to officers, directors, employees, and others from fiscal years 2020 through 2022. These alleged failures resulted in materially misleading statements about the company's business, operations, and prospects.
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