AmpliTech Group, Inc. (AMPG) disclosed it has received a draft derivative complaint from a shareholder's law firm indicating an intent to file a lawsuit. The threatened litigation relates to a previously reported loss of approximately $3.2 million from a digital currency investment in 2024, which the company identified as a cyber phishing scam.
Key Details
- Threatened Litigation: A shareholder intends to file a derivative lawsuit against the company, certain current officers, and directors from the time of the incident, alleging breach of fiduciary duties related to the 2024 investment loss.
- Original Incident: The company lost approximately $3.2 million in 2024 from a fraudulent digital currency transaction, which prompted an internal investigation and the implementation of enhanced internal controls.
- Company's Stance: AMPG states the threatened lawsuit is without legal or factual merit and intends to vigorously defend itself if a complaint is filed. Management does not currently believe the matter will have a material adverse effect on its business or financial condition.