Cleveland Lawsuit Against Firearms Industry Dismissed
September 27, 2005
Sturm, Ruger & Company, Inc. (NYSE: RGR) is pleased to announce that, on the court's own motion, the lawsuit filed by the City of Cleveland against the Company and other members of the firearms industry has been dismissed (White, et. al. v. Smith & Wesson Corp., et. al., United States District Court, Northern District of Ohio, Eastern Division, Case No. 1:99CV1134, September 26, 2005).
In the words of the court:
"This matter has been dormant since December, 2001. There no longer appears to be any reason for this case to remain stayed on this Court's docket. Accordingly, this action is DISMISSED WITHOUT PREJUDICE pursuant to Fed. R. Civ. P. 41(b). Plaintiffs are given leave to re-file these claims on or before January 23, 2006, in the event they determine that they wish to proceed with and prosecute these claims."
The Protection of Lawful Commerce in Arms Act, which passed the U.S. Senate by a 2-to-1 margin in July, is likely to be considered by the House in October. With over 200 bipartisan co sponsors, its passage seems likely, and President Bush had indicated he will sign such a bill. If enacted into law, it would preempt this and similar pending lawsuits, even if the City of Cleveland should attempt to re-file this claim prior to January 23, 2006.
About Sturm, Ruger & Co., Inc.
Sturm, Ruger & Co., Inc. is one of the nation's leading manufacturers of rugged, reliable firearms for the commercial sporting market. The only full-line manufacturer of American-made firearms, Ruger offers consumers over 400 variations of more than 30 product lines. For more than 60 years, Ruger has been a model of corporate and community responsibility. Our motto, "Arms Makers for Responsible Citizens," echoes the importance of these principles as we work hard to deliver quality and innovative firearms.
The Company may, from time to time, make forward-looking statements and projections concerning future expectations. Such statements are based on current expectations and are subject to certain qualifying risks and uncertainties, such as market demand, sales levels of firearms, anticipated castings sales and earnings, the need for external financing for operations or capital expenditures, the results of pending litigation against the Company, the impact of future firearms control and environmental legislation, and accounting estimates, any one or more of which could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date such forward-looking statements are made or to reflect the occurrence of subsequent unanticipated events.
Sturm, Ruger & Co., Inc. “Arms Makers for Responsible Citizens”®