*TOP STORY

Shortly after the close of the stock market yesterday, the Board of Directors of Sturm, Ruger & Company (NYSE: RGR) announced the formation of a “limited duration shareholder rights plan” effective October 14, 2025 through October 13, 2026 in response to Beretta Holding had accumulated a 9.0% ownership stake in Ruger. In the disclosure, Beretta said it intended to engage in talks with the company regarding “potential areas of operational and strategic collaborations.” In a press release, Ruger board chair John Consentino said the shareholder rights plan was enacted to “fulfill its fiduciary duties to all shareholders” while trying to determine exactly what Beretta has in mind. The shareholder rights plan is frequently adopted by public companies to prevent what would essentially constitute a hostile takeover. This is a developing story and we are following it closely. To read the full Ruger release, including a description of the shareholder rights plan, click here 

On the twenty-fourth anniversary of the 9/11 terrorist attacks, we find ourselves once again looking at a senseless act and wondering if civil discourse is gone forever. Yesterday, a conservative leader and willing lightning-rod for liberals, Charlie Kirk was shot and killed while speaking with students at Utah Valley University in Orem, Utah. Kirk, 31, was co-founder of Turning Point USA, the conservative youth organization now active in over 3,500 college campuses. Best known for his “Prove Me Wrong” debates on college campuses, Kirk was “going back and forth” with a student about mass shootings involving transgendered people when he was shot. An Illinois native, Kirk was married and the father of two young children.

Hodgdon Powder Company announces the appointment of Mike Stock as its new President and Chief Executive Officer. Stock becomes only the fifth leader in the company’s distinguished 78-year history, succeeding Steve Kehrwald.

The internet has been abuzz regarding a 2023 patent application offering a safety enhancement to the Sig Sauer P320 pistol. The patent pending AST P320 Fire Control Upgrade Kit was, in fact, announced on The Outdoor Wire on September 15, 2023. Most of the current buzz has focused on two things: the patent’s statement regarding the P320’s safety system which, their 2023 announcement stated “exposed an element of risk for its users due to documented unintended discharge” and the fact the inventor, Brian McDonald, was at one point an employee of Sig Sauer. The Outdoor Wire reached out to patent holder Angled Spade Technologies regarding their patent and P320 reliability questions raised by the patent.

Late yesterday, SIG SAUER addressed the growing online discussion, as well as consumer concern, surrounding the recent news about the P320 pistol and what is being called uncommanded discharge, noting “We understand you may have questions. We want to address your concerns and provide you with full, complete, and accurate information.”

A three-judge panel of the Ninth U.S. Circuit Court of Appeals has unanimously upheld an earlier preliminary injunction against a section of the California Business & Professional Code which had been used by the state to stifle gun-related advertising in Junior Sports magazine, in a case brought by the Second Amendment Foundation and others.

NSSF celebrates the U.S. Supreme Court’s unanimous 9-0 decision that the Protection of Lawful Commerce in Arms Act (PCLAA) bars Mexico’s claims that firearm manufacturers “aided and abetted” illegal firearms trafficking to narco-terrorist drug cartels in Mexico.

The Board of Directors of the National Rifle Association of America has elected Bill Bachenberg of Pennsylvania as President of the NRA and Doug Hamlin as NRA Executive Vice President & CEO. The meeting of the Board of Directors followed the 154th NRA Annual Meetings & Exhibits in Atlanta, Georgia.

On Wednesday, a Philadelphia, Pennsylvania, jury awarded $11 million to George Abrahams, a Philadelphia painting contractor who said his SIG SAUER P320 “went off by itself” leaving him with permanent leg injuries. The verdict came after a three-week trial during which SIG attorneys argued Abrams was at fault and the P320 was safe. This is the second jury finding against SIG and the P320.  SIG officials say they will appeal the verdict, saying “We strongly disagree with the verdict in this unintended discharge lawsuit, have already moved for a mistrial, and will be appealing the decision on multiple grounds.”

Safari Club International’s Political Action Committee, the largest sportsmen-led PAC in America, announces its endorsements for the 2024 election.

Legendary mail order tackle retailer Orvis has announced it will “shed” 8% of its workforce, close a number of retail stores and discontinue it’s catalog. According to sources, Orvis President Simon Perkins said “Orvis is in a period of business evolution that requires us to think differently. Over the course of our 170-year history, the company has experienced similar cycles, but today’s challenges are new and they require us to be bold in order to continue sharing stories, experiences and products that inspire our customers well into the future.”

Yesterday, Arkansas Governor Sara Huckabee Sanders and SIG CEO & President Ron Cohen were joined by U.S. Senator John Boozman and senior officials from the U.S. Army JSOC and others for the ceremonial ribbon cutting that officially opened SIG SAUER’s New Jacksonville Arkansas Ammunition Center (JAAC). At capacity, the 210,000 square foot facility will be responsible for supplying the military more than 500 million rounds of ammunition annually.

A federal judge has ruled that New Jersey’s ban on the AR-15 rifle is unconstitutional, but the state’s cap of ten rounds passes constitutional muster. U.S. District Judge Peter Sheridan issued a 69-page opinion saying he was compelled to rule that way due to the Supreme Court’s 2022 Bruen decision. The judge has delayed his order for 30 days to allow both Second Amendment advocates and the state attorney general to file planned appeals. Both the Firearms Policy Coalition’s Brandon Combs and New Jersey Attorney General Matt Platkin say they’re planning appeals.

At 10 a.m. EST yesterday morning, Vista Outdoor Shareholders were scheduled to vote on the $2.15 billion sale of their ammunition division to Czechoslovak Group (CSG). Instead, Vista cancelled the vote and officials now say the company will seek “strategic alternatives.” According to market experts, Vista is now engaging with MNC Capital, the investment group that had offered more than $3 billion for the entire company. CSG and MNC have fought since the first of the year for their offers, with both increasing their offers I response. Gates Capital, the investment company that owns nearly 10% of Vista’s stock, has opposed the CSG deal, and has campaigned tirelessly to ask the company to “engage” with MNC regarding their $42/per share offer. Vista (NYSE: VSTO) shares closed at $40.80 per share yesterday, an increase of $1.96/share.

Yesterday, New York Attorney General Letitia James announced a settlement with former NRA CFO Wilson “Woody” Phillips. Under the terms, Phillips is banned from serving as a fiduciary of a not-for-profit in New York for 10 years and will require training before returning to any such position. The agreement keeps the jury verdict against Phillips intact, including monetary damages, but removes him from the second, remedial phase of the trial against the NRA, Wayne LaPierre and John Frazier.

Late yesterday news came that Vista Outdoor Inc. cleared a major hurdle in its plans to sell off its ammunition segment, known as The Kinetic Group, to Czechoslovak Group, or CSG, after the Committee on Foreign Investment in the United States (CFIUS) cleared the proposed acquisition of The Kinetic Group business after the Committee determined “there are no unresolved national security concerns.” The closing of the transaction remains subject to receipt of the approval of Vista Outdoor’s stockholders and other customary closing conditions. The special meeting of Vista Outdoor stockholders to consider and vote on a proposal to adopt the merger agreement with CSG is scheduled to be held virtually on July 2, 2024, at 9:00 a.m. Central Time. The Vista Board recommends stockholder approval based partly on a $2 billion purchase price, representing a $90 million increase from the original $1.91 billion purchase price.

The federal court for Northern District of Texas has issued a ruling that vacates, at least for the time being, the ATF’s rule outlawing pistol braces. In his ruling, Federal Judge Reed O’Connor explained his reasoning for the Judgement:

“the Final Rule violated the Administrative Procedures Act’s procedural requirements because it was arbitrary and capricious and was not a logical outgrowth of the Proposed Rules.

O’Connor also denied the Defendants’ Cross Motion for Summary Judgement in Vacating the Final Rule and denied all subsequent claims as “moot.”

Mock v. Garland, was brought by the Firearms Policy Coalition, two individual FPC members, and Maxim Defense.

Definitely a “win” against the ATF and its spate of rulings against lawful gun owners, this is likely not the end of the matter. An ATF appeal of Judge O’Connor’s ruling will putting it back into the courts. But we’ll keep you posted.

For the full texts of the industry responses, click here.

United States Senator Bill Hagerty (R-TN), a member of the Senate Banking Committee, has announced his plan to file a Congressional Review Act (CRA) Resolution of Disapproval to block the Department of Commerce’s Bureau of Industry and Security (BIS) interim final rule that prohibits Americans from exercising their Second Amendment Rights.

Defendants in the City of Gary public nuisance lawsuits are moving to end nearly quarter of a century of legal maneuverings after Indiana Gov. Eric Holcomb signed HB 1235 into law last week. Today the defendants filed a joint motion for judgement on the pleadings with the court. Indiana’s law that reserves the right to seek legal action against the firearm industry to state authorities, instead of municipalities, went into immediate effect when it was signed March 15.