Levi & Korsinsky notifies investors that it has commenced an investigation into Byrna Technologies Inc. (NASDAQ: BYRN) concerning potential violations of the federal securities laws.
On October 29, 2024, Bonitas Research issued a report questioning Byrna’s primary sales channels, sales growth, and profitability. The report states that “Byrna’s earnings call highlighted the specific importance of its ‘Premier Dealer’ network and disclosed Byrna had twenty (20) ‘Premier Dealers’ as of April 5, 2024. We found some Byrna ‘Premier Dealers’ were secondary businesses using ad-hoc shooting ranges in garages and back alleys with little to no retail presence.” Bonitas Research also contacted 20% of Byrna’s Authorized Dealers, revealing multiple ‘Authorized Dealers’ with no online presence nor independent retail storefronts, including a car wash, a tea shop, a uniform embroidery shop, and a barbershop. We found that Byrna’s “Authorized Dealer” list included storefronts that did not carry launchers in stock and had not placed a restocking order in the last 90 days.”
If you suffered a loss on your Byrna Technologies Inc. securities and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
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