Wrap Technologies Announces Dismissal of Prejudicial Securities Class Action
TEMPE, Ariz., December 22, 2021 (GLOBE NEWSWIRE) – Wrap Technologies, Inc. (Nasdaq: WRAP) (the âCompanyâ), a global leader in innovative public safety technologies and services, today announced the termination of consolidated complaint amended in the captioned case In re Wrap Technologies, Inc. Securities Exchange Act Litigation (the action”), filed with the United States District Court for the Central District of California (the âCourtâ). As reported by the company on November 18, 2021, the court allowed Wrap’s motion to dismiss, but granted the plaintiff leave to amend the complaint by December 6, 2021. The plaintiff failed to do so, and by court order dated December 20, 2021, the claims were dismissed with prejudice.
Tom Smith, CEO of Wrap, said: âWe are delighted with the court’s decision to dismiss this baseless action. This is a clear rejection of the baseless claims made regarding the management, products and performance of our company. We will continue to advance our important mission of safer policing outcomes and to execute our growing business fundamentals as we move forward. “
About WRAP WRAP Technologies (Nasdaq: WRAP) is a global leader in innovative public safety technologies and services. WRAP develops creative solutions to complex problems and empowers public safety officials to protect and serve their communities through its portfolio of advanced technologies and training solutions.
WRAP’s BolaWrapÂ® Remote Restraint is a patented portable pre-escalation and apprehension tool that unloads a KevlarÂ® tether to temporarily hold off uncooperative suspects and people in crisis. With its many uses in the field and increasing adoption by agencies around the world, BolaWrap is proving to be an effective tool to help law enforcement agencies safely detain people without injury or the need to use higher strength levels.
Wrap Reality, the company’s virtual reality training system, is a fully immersive training simulator and comprehensive public safety training platform providing first responders with the discipline and practice of de-escalation, resolution and conflicts and the use of force to perform better in the field.
WRAP’s corporate headquarters are in Tempe, Arizona. For more information, please visit wrap.com.
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Brand information BolaWrap, Wrap, and Wrap Reality are trademarks of Wrap Technologies, Inc. All other trade names used herein are trademarks or registered trademarks of their respective holders.
Caution Regarding Forward-Looking Statements – Safe Harbor Statement This press release contains âforward-looking statementsâ within the meaning of the âsafe harborâ provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to: statements regarding the overall business of the Company; total addressable market; and, expectations regarding future sales and expenses. Words such as “expect”, “anticipate”, “should”, “believe”, “target”, “project”, “goals”, “estimate”, “potential”, “predict”, “could”, ” will “,” could “,” intent “and variations of such terms or the negative of such terms and similar expressions are intended to identify such forward-looking statements. In addition, forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances beyond the control of the Company. The actual results of the Company could differ materially from those stated or implied in any forward-looking statements due to a number of factors, including, but not limited to: the ability of the Company to successfully implement training programs for the use of its products; the Company’s ability to manufacture and produce products for its customers; the Company’s ability to develop sales of its new product solution; acceptance of existing and future products, including acceptance of BolaWrap 150; the risk that orders from distributors and customers for future deliveries will be changed, rescheduled or canceled in the normal course of business; the availability of funds to continue financing operations; the complexity, expense and time associated with sales to law enforcement and government agencies; the long evaluation and sales cycle of the Company’s product solution; product defects; the risks of litigation related to suspected product-related injuries; the risks of government regulations; the business impact of health crises or epidemics, such as epidemics or pandemics; the possibility of obtaining export licenses for countries outside the United States; the ability to obtain patents and defend intellectual property against competitors; the impact of competing products and solutions; and the Company’s ability to maintain and improve its brand, as well as other risk factors mentioned in the Company’s most recent annual report on Form 10-K, the Quarterly Report on Form 10-Q and other documents filed with the SEC. These forward-looking statements are made as of the date of this press release and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Except as required by law, the Company assumes no obligation or obligation to update any forward-looking statements contained in this press release as a result of new information, future events or changes in its expectations.
Contact: Paul M. Manley Vice-President – Investor Relations (612) 834-1804 [email protected]