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SAN DIEGO, Dec. 26, 2024 (GLOBE NEWSWIRE) -- Johnson Fistel, LLP, a nationally recognized shareholder rights law firm, is currently investigating potential violations of federal securities laws by DMC Global Inc. (NASDAQ: BOOM) and certain of its executive officers. The investigation particularly focuses on whether there were misrepresentations or failures to timely disclose material, adverse information to investors, which could have influenced their decisions and subsequently led to investment losses. https://www.johnsonfistel.com/investigations/dmc-global-inc Background of the Investigation On October 21, 2024, DMC announced a revision to its financial guidance for the fiscal quarter concluding on September 30, 2024. The company now anticipates that its adjusted EBITDA will be approximately $5 million, significantly reduced from the previously forecasted range of $15 to $18 million. Additionally, DMC indicated that its third quarter financial results will incorporate charges related to inventory and bad debts amounting to approximately $5 million at DynaEnergetics, coupled with decreased fixed overhead absorption due to lower sales at both Arcadia and DynaEnergetics. Moreover, the company disclosed that its financial results will reflect an approximate $142 million non-cash goodwill impairment charge stemming from DMC's acquisition of a controlling interest in Arcadia in December 2021. After this disclosure, the market value of DMC’s stock experienced a decline of $2.36 per share, or 18.3%, closing at $10.57 per share on October 22, 2024. This substantial decrease in stock price resulted in financial detriment to the investors. Further developments occurred on November 4, 2024, when DMC released its financial outcomes for the third quarter of the fiscal year ending September 30, 2024. Following this announcement, DMC's stock value continued to decline, exhibiting a decrease of over 10% during mid-day trading on November 5, 2024. What if I have relevant nonpublic information? Individuals with nonpublic information regarding the company should consider whether to assist our investigation or take advantage of the SEC Whistleblower program. Under the SEC program, whistleblowers who provide original information may, under certain circumstances, receive rewards totaling up to thirty percent of any successful recovery made by the SEC. For more information, contact Jim Baker at (619) 814-4471 or jimb@johnsonfistel.com . No Cost or Obligation to Participate Interested DMC shareholders should be aware that there is no cost or obligation to participate in this investigation. About Johnson Fistel, LLP: Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, Georgia, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com . Attorney advertising. Past results do not guarantee future outcomes. Services may be performed by attorneys in any of our offices. Johnson Fistel, LLP has paid for the dissemination of this promotional communication, and Frank J. Johnson is the attorney responsible for its content. Contact: Johnson Fistel, LLP 501 W. Broadway, Suite 800, San Diego, CA 92101 James Baker, Investor Relations or Frank J. Johnson, Esq., (619) 814-4471 jimb@johnsonfistel.com or fjohnson@johnsonfistel.com
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Department of Homeland Security Secretary offered a possible explanation for the recent uptick of drone encounters along the eastern seaboard—particularly in the skies above New Jersey—which have prompted concern among residents and lawmakers. Reports of drone sightings across New Jersey and neighboring states, he said Sunday, may be the result of a rule change by the . “In September of 2023, the Federal Aviation Administration, the FAA, changed the rules so that drones could fly at night,” Mayorkas ABC News' . “And that may be one of the reasons why now people are seeing more drones than they did before, especially from dawn to dusk.” Homeland Security Secretary Alejandro Mayorkas tells that his agency knows “of no foreign involvement with respect to the sightings in the Northeast” of aerial drones. “We are vigilant in investigating this matter.” — This Week (@ThisWeekABC) The says that it has received over 3,000 tips related to the drone sightings in past weeks, most of which occurred at night. On social media, users have begun of what they suspect to be drones. Some of these clips, however, merely captured airplanes or normal aircraft activity. Despite a number of false alarms, the secretary acknowledged that “there’s no question that drones are being sighted.” According to him, “thousands” of the pilot-free aircraft are flying in the U.S. every day, and “more than one million drones” are registered nationwide. While law enforcement agencies have yet to identify the exact source of the lights, the FBI and Homeland Security previously said in a joint Thursday that there was “no evidence at this time that the reported drone sightings pose a national security or public safety threat or have a foreign nexus”—a point Mayorkas reiterated on Sunday. “I want to assure the American public that we in the federal government have deployed additional resources, personnel, technology to assist the New Jersey State Police in addressing the drone sightings,” Mayorkas added during his appearance on the network. Regardless of these assurances, the federal government’s response has ignited criticism and conspiracy theories, with some accusing officials of “lying” or concealing information. “They’re lying to us. First, they say you’re not seeing what you’re seeing. There’s nothing here, nothing here to be seen. And then they tell us that they don’t know what it is,” New Jersey Assemblyman Erik Peterson on Saturday. They don’t know what’s happening. It’s all a lie.” N.J. Assemblyman Eric Peterson on the feds saying the “drones” aren’t a safety threat: “They’re lying. That’s the long & the short of it. They‘re lying to us ... they don’t have the moral fortitude, or the courage, to be honest w/ the American people & tell us what’s going on” — Tom Elliott (@tomselliott) Rep. (R-GA) went so far as to claim the government is behind the drones. “The government is in control of the drones and refuses to tell the American people what is going on. It really is that bad,” she on X. The government is in control of the drones and refuses to tell the American people what is going on. It really is that bad. — Rep. Marjorie Taylor Greene🇺🇸 (@RepMTG) Greene’s theory echoed accusations waged by President-elect on Friday who suggested the mysterious drones if necessary, and insinuated the Biden administration was withholding information about the sightings. “Mystery Drone sightings all over the Country,” he wrote on Truth Social. “Can this really be happening without our government’s knowledge. I don’t think so! Let the public know, and now. Otherwise, shoot them down!!! DJT.” Mayorkas, however, said he was not able to order the drones to taken out of the air and called for “extended and expanded” authority to shoot down drones, aside from only those that pass over restricted military airspace. The DHS secretary’s public appeal for additional resources to address the drone issue came on the heels of New York governor, Kathy Hochul’s announcement on Sunday that the federal government was a high-tech drone detection system in response to sightings in her state, New Jersey, and Connecticut.Election 2024: All 174 seats confirmed as independents eye up government formationOttawa man charged with attempted murder, assaulting police in Orleans attack