Wrap Technologies Provides Update on Securities Class Action Complaint
November 18 2021 - 9:05AM
Wrap Technologies, Inc. (Nasdaq: WRAP) (the “Company”), a global
leader in innovative public safety technologies and services, today
announced that, on November 15, 2021, the United States District
Court for the Central District of California (the “Court”) granted
the Company’s motion to dismiss the consolidated amended complaint
filed on behalf of a putative class of shareholders in In re
Wrap Technologies, Inc. Securities Exchange Act Litigation, Case
No. 20-8760-DMG (the “Action”). The lead plaintiff has been granted
leave to file a second amended complaint by December 6, 2021.
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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