LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz reminds investors of the upcoming November 23, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Wrap Technologies, Inc. (“Wrap” or the “Company”) (NASDAQ: WRTC) securities between July 31, 2020 and September 23, 2020, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
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, securities of Wrap fell $2.07 per share, or 25%, to close at $6.07 per share on September 23, 2020, thereby injuring investors.
The complaint 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) the Company 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.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased or otherwise acquired Wrap securities during the Class Period, you may move the Court no later than November 23, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. 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 the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.