Those executives are Chief Strategy Officer Steven Urvan and Chief Financial Officer Susan Lokey. These two were placed on leave as the company investigates the potential misappropriation of data to third parties.
According to a news release, Ammo has reason to believe company data and digital assets might have been sent to a third party controlled by Urvan. Lokey is also associated with this same third party.
Ammo’s Board of Directors has formed a special committee to investigate the matter. Currently, the committee doesn’t expect any findings that will affect the company’s financial results, balance sheet, or business prospects.
A statement released by that special committee includes the following.
“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.”
Ammo operates GunBroker.com. This is the largest online marketplace for customers in the firearms and shooting sports industries.
POWW stock is down 2.9% as of Tuesday afternoon. Shares are also down 35.4% year-to-date.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.