Faruqi & Faruqi, LLP Investigates Potential Claims Against AMMO, Inc.
Faruqi & Faruqi, LLP, a leading national securities law firm, is actively investigating potential claims against AMMO, Inc. (AMMO or the Company) on behalf of investors who may have suffered financial losses. The investigation stems from allegations of financial reporting misconduct and internal control deficiencies at the company.
The law firm is encouraging investors who incurred losses exceeding $50,000 in AMMO stock between August 19, 2020, and September 24, 2024, to contact them directly to discuss their legal options. This call to action comes after the company announced its Chief Financial Officer (CFO) resigned “at the request of the Board” and initiated an independent investigation into its financial reporting practices for the fiscal years 2020 through 2023.
The allegations surrounding AMMO include:
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Lack of adequate internal controls over financial reporting:
The complaint asserts that the company failed to implement proper internal controls, leading to potential inaccuracies in their financial reporting.*
Failure to disclose all executive officers and related party transactions:
The investigation alleges that AMMO may have failed to fully disclose all executive officers, members of management, and potential related party transactions.*
Mischaracterization of certain fees:
The complaint claims that the company miscategorized fees paid for investor relations and legal services, potentially impacting their financial statements.*
Inappropriate valuation of stock awards:
The investigation suggests that AMMO might have incorrectly valued stock awards granted to officers, directors, employees, and others.Following these allegations, AMMO’s stock price experienced a significant decline, dropping 5.26% on September 25, 2024.
Investors who are concerned about potential losses related to AMMO are encouraged to contact Faruqi & Faruqi, LLP for a free consultation. They can reach the firm directly by calling partner Josh Wilson at 877-247-4292 or 212-983-9330 (Ext. 1310) or visiting their website at www.faruqilaw.com.
Faruqi & Faruqi, LLP is committed to protecting the rights of investors and seeking justice for those who have been harmed by corporate misconduct. Their investigation into AMMO is ongoing, and they are dedicated to holding those responsible accountable for any violations of federal securities laws.
