Directors and officers of munitions manufacturer Ammo Inc. made misleading statements about their own compensation, as well as the company’s financial reporting controls, according to a shareholder derivative suit.
The board and executives allegedly failed to disclose key details about related party transactions, fees paid for investor relations and legal services, and the value of stock awards, said the complaint filed Tuesday in the US District Court for the District of Arizona.
Shareholders began to learn of the allegedly lacking internal controls on Sept. 24, when Ammo announced its Chief Financial Officer Rob Wiley, who is named as a defendant, ...