Wrap Technologies Announces Dismissal of Securities Class Action Complaint with Prejudice
December 22 2021 - 8:04AM
Wrap Technologies, Inc. (Nasdaq: WRAP) (the “Company”), a global
leader in innovative public safety technologies and services, today
announced the dismissal of the consolidated amended complaint in
the case captioned In re Wrap Technologies, Inc. Securities
Exchange Act Litigation (the “Action”), filed in the United States
District Court for the Central District of California (the
“Court”). As reported by the Company on November 18, 2021, the
Court granted Wrap’s motion to dismiss, but provided the plaintiff
with leave to amend the complaint by December 6, 2021. Plaintiff
failed to do so, and by Court order dated December 20, 2021, the
claims have been dismissed with prejudice.
Tom Smith, Wrap’s Chief Executive Officer, commented, “We are
pleased with the Court’s decision to dismiss this meritless action.
It’s a clear rejection of the baseless allegations made regarding
our company’s management, products and performance. We will
continue to advance our important mission of safer policing
outcomes and execute on the growing fundamentals of our business as
we move forward.”
About WRAPWRAP Technologies (Nasdaq: WRAP) is a
global leader in innovative public safety technologies and
services. WRAP develops creative solutions to complex issues and
empowers public safety officials to protect and serve their
communities through its portfolio of advanced technology and
training solutions. WRAP’s BolaWrap® Remote Restraint device
is a patented, hand-held pre-escalation and apprehension tool that
discharges a Kevlar® tether to temporarily restrain uncooperative
suspects and persons in crisis from a distance. Through its many
field uses and growing adoption by agencies across the globe,
BolaWrap is proving to be an effective tool to help law enforcement
safely detain persons without injury or the need to use higher
levels of force. 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 in methods of
de-escalation, conflict resolution, and use-of-force to better
perform in the field. WRAP’s headquarters are in Tempe, Arizona.
For more information, please visit wrap.com.Connect with
WRAP:WRAP on FacebookWRAP on Twitter WRAP on
LinkedInTrademark InformationBolaWrap, Wrap and
Wrap Reality are trademarks of Wrap Technologies, Inc. All other
trade names used herein are either trademarks or registered
trademarks of the respective holders.
Cautionary Note on Forward-Looking
Statements - Safe Harbor StatementThis press release
contains "forward-looking statements" within the meaning of the
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995, including but not limited to: statements
regarding the Company's overall business; total addressable market;
and, expectations regarding future sales and expenses. Words such
as "expect", "anticipate", "should", "believe", "target",
"project", "goals", "estimate", "potential", "predict", "may",
"will", "could", "intend", and variations of these terms or the
negative of these terms and similar expressions are intended to
identify these forward-looking statements. Moreover,
forward-looking statements are subject to a number of risks and
uncertainties, many of which involve factors or circumstances that
are beyond the Company's control. The Company's actual results
could differ materially from those stated or implied in
forward-looking statements due to a number of factors, including
but not limited to: the Company's ability to successfully implement
training programs for the use of its products; the Company's
ability to manufacture and produce product for its customers; the
Company's ability to develop sales for its new product solution;
the acceptance of existing and future products, including the
acceptance of the BolaWrap 150; the risk that distributor and
customer orders for future deliveries are modified, rescheduled or
cancelled in the normal course of business; the availability of
funding to continue to finance operations; the complexity, expense
and time associated with sales to law enforcement and government
entities; the lengthy evaluation and sales cycle for the Company's
product solution; product defects; litigation risks from alleged
product-related injuries; risks of government regulations; the
business impact of health crises or outbreaks of disease, such as
epidemics or pandemics; the ability to obtain export licenses for
countries outside of the US; the ability to obtain patents and
defend IP against competitors; the impact of competitive products
and solutions; and the Company's ability to maintain and enhance
its brand, as well as other risk factors mentioned in the Company's
most recent annual report on Form 10-K, quarterly report on Form
10-Q, and other SEC filings. 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 undertakes no duty or obligation to update any
forward-looking statements contained in this release as a result of
new information, future events or changes in its expectations.
Contact:Paul M. ManleyVP –
Investor Relations(612) 834-1804pmanley@wrap.com Media
Contact: media@wrap.com
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