According to the lawsuit, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that:
- AMMO lacked adequate internal controls over financial reporting;
- there was a substantial likelihood AMMO failed to accurately disclose all executive officers, members of management, and potential related party transactions in fiscal years 2020 through 2023;
- there was a substantial likelihood AMMO failed to properly characterize 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;
- there was a substantial likelihood AMMO failed to appropriately value unrestricted stock awards to officers, directors, employees and others in fiscal years 2020 through 2022; and
- as a result of the foregoing, defendants’ positive statements about AMMO’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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