Wrap Technologies, Inc. Class Action Lawsuit
- Company Name
- Wrap Technologies, Inc.
- Stock Symbol
- Class Period
- July 31, 2020 to September 23, 2020
- Motion Deadline
- November 23, 2020
- Central District of California
The Wrap Technologies, Inc. class action lawsuit charges Wrap Technologies and certain of its officers with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of Wrap Technologies securities between July 31, 2020 and September 23, 2020, inclusive (the “Class Period”). The Wrap Technologies class action lawsuit was commenced on September 23, 2020 in the Central District of California and is captioned Cobden v. Wrap Technologies, Inc., No. 20-cv-08760.
Wrap Technologies develops security products for law enforcement and security personnel, including the BolaWrap 100, a hand-held remote restraint device that discharges an eight-foot bola style Kevlar tether to entangle a subject at a range of 10-25 feet. On December 3, 2019, Wrap Technologies announced that the Los Angeles Police Department (“LAPD”) had decided to train its officers on the BolaWrap and employ 200 devices in the field for a trial pilot program.
The Wrap Technologies class action lawsuit alleges that during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Wrap Technologies 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, defendants’ public statements were materially false and/or misleading at all relevant times.
On September 23, 2020, White Diamond Research published a report, entitled “Wrap Technologies: Disastrous LAPD BolaWrap Pilot Program Results, No Evidence These Have Been Communicated To Investors,” alleging, among other things, that Wrap Technologies’ trial pilot program with the LAPD was a failure and that Wrap Technologies had not disclosed the results to investors. On this news, the price of Wrap Technologies securities fell more than 25%, damaging investors.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Wrap Technologies securities during the Class Period to seek appointment as lead plaintiff in the Wrap Technologies class action lawsuit. A lead plaintiff will act on behalf of all other class members in directing the Wrap Technologies class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Wrap Technologies class action lawsuit. An investor’s ability to share in any potential future recovery of the Wrap Technologies class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Wrap Technologies class action lawsuit or have questions concerning your rights regarding the Wrap Technologies class action lawsuit, please provide your information here or contact counsel, Michael Albert of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Wrap Technologies class action lawsuit must be filed with the court no later than November 23, 2020.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For seven consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry.