*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 

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.

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.”

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.

The Second Amendment Foundation is cheering the decision by a 9th Circuit Court panel to deny the State of California an en banc hearing in a case known as Junior Sports Magazines, Inc. v. Bonta, in which the state tried to prohibit firearm advertising which it claims, “reasonably appears to be attractive to minors.”

Vista Outdoor Inc. (NYSE: VSTO) has rejected the unsolicited proposal received on November 22, 2023 from Colt CZ Group SE to combine Colt CZ and Vista Outdoor. In a letter to Colt CZ, acting Vista CEO Gary McArthur cited a number of factors in the decision, including a lack of “adequate details

The Fifth Circuit Court of Appeals has issued an order granting a motion by plaintiffs in the battle over the reclassification of frames and receivers to issue the court’s mandate immediately, allowing the case to return to the district court for a new remedy.

California Governor Gavin Newsom has signed a law imposing an excise tax on guns and ammunition sold in California. Effective next July, the state will add an eleven percent tax on retail sales of "guns, gun parts and ammunition." The money is earmarked for “gun violence prevention, enhanced school safety programs and victims of gun violence.” State law-enforcement agencies and current or former officers are exempted. The state already charges a $37.19 fee for each firearm sale. Newsom also signed two other measures. One revises the state’s concealed-carry laws and details dozens of places where concealed carry will not be permitted, including schools and medical facilities. The third will require that semiautomatic guns sold in the state be equipped with micro stamping technology on cartridges beginning in 2028. We’ll keep you posted.

A federal judge has granted a temporary restraining order in a Second Amendment Foundation challenge of New Mexico Gov. Michelle Lujan Grisham’s Sept. 8 edict suspending the constitutionally-protected right to bear arms, in Albuquerque and surrounding Bernalillo County.

On Friday, August 11, 2023, Safari Club International, along with the Sportsmen’s Alliance Foundation, sent a notice of intent to sue the Department of Education over the Department’s misinterpretation of the Bipartisan Safer Communities Act (BSCA), which would prohibit the use of federal funds for shooting sports, hunter education, and outdoor education programs in schools.

Knife Rights has accepted Philadelphia's offer of judgment in Knife Rights, Inc. v. Outlaw, a federal lawsuit that sought to declare unconstitutional and enjoin Philadelphia's laws that ban the possession and carry of any bladed arms (knives) in public. The City also agreed to pay $10,000 to cover Knife Rights' legal expenses.

Safari Club International (SCI) is announcing its exclusive sponsorship agreement with USA Shooting, the National Governing Body for the Olympic and Paralympic Shooting Sports Teams, in preparation for the 2024 Olympics in Paris, France. SCI will become the Official Sponsor of the United States Olympic & Paralympic Shooting Teams Athlete Development and Sports Performance Program, a Gold Level Partner for USA Shooting, while gaining a Board of Directors seat as a Trustee of this esteemed organization.