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Shares of Digital Ally Surge Following Comments By Attorney General

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The U.S. Justice Department stated on Thursday that their findings from an investigation may indicate that Cleveland Police officials may be systematically engaged in excessive use of force against civilians.

"Accountability and legitimacy are essential for communities to trust their police departments and for there to be genuine collaboration between police and the citizens they serve," U.S. Attorney General Eric Holder said in prepared remarks.

Digital Ally, Inc. (NASDAQ: DGLY) produces and sells digital video imaging, audio recording and related storage products for use in law enforcement.

Shares of Digital Ally surged on news earlier in the week that the White House will provide $75 million in funding for the purchase of body cameras by U.S. police departments.

Investors and traders appear to be counting on the fact that the Justice Department along with potentially the White House may implement new measures to prevent the use of unnecessary lethal force, a move that would potentially boost sales for Digital Ally.

Holder's report comes at a time when the Department of Justice will conduct an exhaustive and fair investigation in to the death of Eric Garner by New York City Police officer Daniel Pantaleo.

Shares of Digital Ally were trading higher by 20 percent at $21.55 Thursday afternoon.

 

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