LOS ANGELES–(BUSINESS WIRE)–$WRTC #CLASSACTION—Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, 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.
If you suffered a loss on your Wrap investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/wrap-technologies-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
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 or otherwise acquired 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. To be a member of the Class 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. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased
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