Newman Ferrara with Congregations of Catholic Sisters File Suit Related to Smith & Wesson’s Marketing and Sale of AR-15 Assault Rifles (NASDAQ

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Today, with the help of a team of lawyers from the New York law firm Newman Ferrara LLP, we filed a derivative complaint against the members of the Board and executive officers for breach of their fiduciary duties in prioritizing short-term profit over long-term risk. The company is intent on marketing and selling AR-15 rifles in whatever manner results in the most sales – even if the marketing is illegal and attracts a dangerous category of buyers, facilitates an unrelenting and growing stream of killings, and causes the company to face an ever-increasing and substantial likelihood of liability that threatens its long-term existence.

We call on Smith & Wesson to return to the practices of its first 153 years of existence when it held itself as a successful beacon of responsible gun ownership and did not manufacture, market, or sell military-grade, mass-killing assault weapons. We pray for an end to the AR-15 mass shootings that have stolen the lives of so many innocent people and devastated communities across the nation.

The congregations of Catholic Sisters who, as stockholders, joined in filing the derivative complaint against Smith & Wesson officers and directors are: Adrian Dominican Sisters (Adrian, Michigan), Sisters of Bon Secours USA (Marriottsville, Maryland), Sisters of St. Francis of Philadelphia (Aston, Pennsylvania), and Sisters of the Holy Names of Jesus & Mary, U.S.-Ontario Province (Marylhurst, Oregon). Members of the four congregations, each founded in the 1800s in response to the needs of the times, have served in educational, healthcare, pastoral, social justice, environmental and other ministries throughout the United States and in other places around the world.

Further details about the lawsuit are provided in the Verified Stockholder Derivative Complaint available at https://www.nfllp.com/cases/. All media inquiries should be directed to Newman Ferrara attorneys Jeffrey Norton ([e-mail]) or Benjamin Baker ([e-mail]).

Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation, securities fraud and shareholder litigation, consumer protection, civil rights, and real estate. For more information, please visit the firm website at www.nfllp.com.

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The Smith & Wesson Brands Stock at the time of publication of the news with a raise of +3,05 % to 14,51EUR on Nasdaq stock exchange (05. Dezember 2023, 17:51 Uhr).