According to the Complaint, Wrap Technologies, Inc. purports to develop security products for law enforcement and security personnel, including the BolaWrap 100, a hand-held remote restraint device that discharges an eight-foot bola style Kevlar tether to entangle a subject at a range of 10-25 feet.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) 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 (2) as a result, Defendants' public statements were materially false and/or misleading at all relevant times.

On November 3, 2020, the Court issued an Order consolidating cases. The Court appointed a Lead Plaintiff and approved Lead Plaintiff's Counsel on January 7, 2021. Lead Plaintiff filed an amended Complaint on March 12. Defendants filed a Motion to Dismiss the amended Complaint on April 26. On November 15, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint. On December 20, the Court dismissed the case with prejudice for lack of prosecution.