Ammo Inc. ordered to pay almost $600K following Department of Labor investigation

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Posted at 8:38 AM, Mar 17, 2022
and last updated 2022-03-18 15:41:17-04

SCOTTSDALE, AZ — Ammo Inc., a Scottsdale company that makes ammunition, has been ordered to pay $597,000 to a former employee after the U.S. Department of Labor found that the company allegedly had retaliated against her after she raised concerns about possible legal infractions.

The Department Labor said in a Monday announcement that investigators with the Occupational Safety and Health Administration determined Ammo Inc. (Nasdaq: POWW) had removed the employee from the board after she voiced concerns about transactions she believed violated U.S. Security and Exchange Commission regulations.

OSHA specifically found that Ammo violated the Sarbanes-Oxley Act, which ensures that employees can exercise their rights freely to report financial and shareholder concerns about publicly traded companies.

The Department of Labor did not name this whistleblower in its statement but the Business Journal has verified her identity through her attorney.

Read more of this story from the Phoenix Business Journal.