POWW INCORPORATED INVESTOR ALERT: Kirby McInerney LLP Alerts AMMO Incorporated Investors of Looming Lead Plaintiff Deadline in Class Action Lawsuit

New York, New York--(Newsfile Corp. - November 19, 2024) - The law firm of Kirby McInerney LLP alerts investors of the fast-approaching November 29, 2024 to seek the role of lead plaintiff in a federal securities class action filed on behalf of those who acquired AMMO Incorporated ("AMMO" or the "Company") (NASDAQ: POWW) securities during the period of August 19, 2020 to September 24, 2024, inclusive ("the Class Period"). The firm encourages investors to contact the firm by November 29, 2024, to be appointed lead plaintiff.

[Click here to learn more about the class action]

On September 24, 2024, after the market closed, AMMO revealed that its Chief Financial Officer had resigned "at the request of the Board." The Company also announced an independent investigation into its "internal control over financial reporting" for fiscal years 2020 to 2023. Additionally, AMMO has engaged a law firm to investigate whether the Company and its management at the time: "(i) disclosed all executive officers, management members, and potential related party transactions accurately from 2020 to 2023; (ii) correctly classified certain fees for investor relations and legal services as reductions from capital raises rather than as expenses during 2021 and 2022; and (iii) properly valued unrestricted stock awards given to officers, directors, employees, and others in 2020 through 2022." On this news, the price of AMMO shares declined by $0.08 per share, or approximately 5.26%, from $1.52 per share on September 24, 2024, to close at $1.44 per share on September 25, 2024.

The complaint filed alleges that AMMO made statements that were materially false and/or misleading, and they did not disclose key adverse facts about the Company's business, operations, and outlook. Specifically, Defendants did not inform investors that: (1) the company had inadequate internal controls over financial reporting; (2) there was a strong likelihood that the Company did not fully disclose all executive officers, management members, and potential related party transactions from 2020 to 2023; (3) the Company likely failed to classify certain fees for investor relations and legal services correctly as reductions from capital raises instead of as expenses in 2021 and 2022; (4) the Company may have improperly valued unrestricted stock awards given to officers, directors, employees, and others from 2020 to 2022; and (5) as a result, Defendants' favorable statements about the Company's business, operations, and outlook were misleading and/or lacked a sound basis.

If you purchased or otherwise acquired AMMO securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at [email protected], or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.

Kirby McInerney LLP is a New York-based plaintiffs' law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP's website.

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