Business
AMMO Inc. Announces that Steven Urvan and Susan Lokey Have Been Placed on Administrative Leave
AMMO Suspends These Employees While the Company Conducts Internal Investigation into Potential Misconduct, Including Misappropriation of the Company’s Data
About this update from Outdoor Holding Company
[{"type":"text","content":"AMMO Suspends These Employees While the Company Conducts Internal Investigation into Potential Misconduct, Including Misappropriation of the Company’s Data and Digital Assets AMMO Board Forms Special Committee SCOTTSDALE, Ariz., Sept. 06, 2022 (GLOBE NEWSWIRE) -- AMMO, Inc. (Nasdaq: POWW, POWWP) (“AMMO” or the “Company”), the owner of GunBroker.com, the largest online marketplace serving the firearms and shooting sports industries, and a leading vertically integrated producer of high-performance ammunition and components, today announced that Steven Urvan, Chief Strategy Officer, and Susan Lokey, Chief Financial Officer of SpeedLight I, LLC d/b/a GunBroker.com, have been placed on administrative leave with immediate effect. The Company has reason to believe that these individuals may have misappropriated the Company’s data and digital assets and transmitted that data to a third party controlled by Mr. Urvan and with which Ms. Lokey is associated. The Company commenced an internal investigation into the alleged misconduct several weeks ago. During the pendency of the investigation, these individuals will remain suspended from their duties. The Company’s board of directors has formed a special committee (the “Special Committee”) in connection with the conduct of Mr. Urvan. The Special Committee issued the following statement: We are deeply concerned by the preliminary results of our investigation to date. We are committed to ensuring that all aspects of the Company’s business are conducted with integrity, transparency and oversight. The Company seeks to protect its data and digital assets against all forms of misappropriation.Mr. Urvan was aware of our concerns and our prior attempts to investigate and discern more information. We believe that his recently announced proxy contest to replace the entire Board may be, at least in part, an attempt by Mr. Urvan to thwart our investigation and driven by his desire to avoid accountability.Nevertheless, we will continue our thorough investigation into the alleged misconduct. We will conduct this investigation with the urgency and diligence it deserves, and we will take responsive or preventative actions that the Special Committee determines to be appropriate.In the meantime, to protect the Company and its customers, stockholders and other stakeholders, the Special Committee has determined...