AMMO(POWW) GlobeNewswire News Room·2024-11-22 16:35Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against AMMO, Inc. due to allegations of violations of federal securities laws, with a deadline for investors to seek lead plaintiff status in a class action lawsuit by November 29, 2024 [2][4]. Group 1: Allegations Against AMMO - The complaint alleges that AMMO and its executives made false and misleading statements and failed to disclose inadequate internal controls over financial reporting [4]. - Specific allegations include failure to accurately disclose executive officers and related party transactions from fiscal years 2020 to 2023, mischaracterization of fees related to investor relations and legal services, and improper valuation of stock awards [4][6]. - As a result of these issues, the positive statements made by the defendants regarding the company's business and prospects were deemed materially misleading [4]. Group 2: Recent Developments - On September 24, 2024, AMMO announced the resignation of its Chief Financial Officer and disclosed an independent investigation into its internal controls for the fiscal years 2020 through 2023 [5]. - Following this announcement, AMMO's share price fell by 1.44 per share on September 25, 2024, with unusually high trading volume [6]. Group 3: Legal Proceedings - Investors who suffered losses exceeding $50,000 in AMMO between August 19, 2020, and September 24, 2024, are encouraged to contact Faruqi & Faruqi to discuss their legal options [1][2]. - The firm is also seeking information from whistleblowers, former employees, and shareholders regarding AMMO's conduct [8].