March 12, 2021 - An amended complaint was filed.

September 23, 2020 - An investor in shares of Wrap Technologies, Inc. (NASDAQ: WRTC) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Wrap Technologies, Inc. in connection with certain allegedly false and misleading statements made between July 31, 2020 and September 23, 2020.

Tempe, AZ based Wrap Technologies, Inc., a security technology company, develops security products for law enforcement and security personnel.

On September 23, 2020, a report was published alleging, among other things, that Wrap Technologies, Inc’s trial pilot program for its BolaWrap product was a disaster. According to the report: Over a six-month period, 200 BolaWrap devices in the hands of 1,100 LAPD officers in the field were only used nine times, and only worked once. Shares of Wrap Technologies, Inc. (NASDAQ: WRTC) declined from $14.40 per share on July 17, 2020, to as low as $6.20 per share on September 28, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Wrap Technologies, Inc. (NASDAQ: WRTC) common shares between July 31, 2020 and September 23, 2020, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between July 31, 2020 and September 23, 2020, the defendants made false and/or misleading statements and/or failed to disclose that the Company 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 that as a result, Defendants’ public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.