BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Wrap Technologies, Inc. (“Wrap” or the “Company”) (NASDAQ: WRTC) securities between July 31, 2020 and September 23, 2020, inclusive (the “Class Period”). Wrap investors have until November 23, 2020 to file a lead plaintiff motion.
Investors suffering losses on their Wrap investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On September 23, 2020, White Diamond Research published a report alleging, among other things, that Wrap’s trial pilot program for its BolaWrap product was a disaster. According to the report: “Over a six-month period, 200 BolaWrap devices in the hands of 1,100 LAPD officers in the field were only used nine times, and only worked once.”
On this news, Wrap’s shares fell $2.07 per share, or 25%, to close at $6.07 per share on September 23, 2020, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Wrap had concealed the results of the LAPD BolaWrap pilot program, which demonstrated that the BolaWrap was ineffective, expensive, and sparingly used in the field; and (2) as a result, the Company’s public statements were materially false and/or misleading at all relevant times.
If you purchased Wrap securities during the Class Period, you may move the Court no later than November 23, 2020 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.