By Dave Workman
Editor-in-Chief
Ruger announced Tuesday the launch of a dedicated shareholder website “dedicated to hosting materials relating to the Company’s 2026 Annual Meeting of Shareholders (the “Annual Meeting”).”
According to the announcement, this website will provide Ruger shareholders with “detailed information on the recently refreshed Ruger Board.” There are five new directors since last year’s meeting.
The new website also has information on Ruger’s capital stewardship, shareholder returns, performance and strategic direction, the message says.
Is this the latest step by Ruger in a growing controversy involving Beretta Holdings, which seems to have ignited earlier this month and has gotten attention from The Outdoor Wire, and Brent Wheat’s “Off Target” podcast with Roy Huntington, which delved into what has become a war of words between two firearms giants.
Beretta Holdings owns 9.95 percent of Ruger’s outstanding common stock. When Ruger announced its Fourth Quarter and full 2025 financial results on March 3, it was not long—six days, in fact—before Beretta issued a public statement on March 9, posted at The Outdoor Wire, declaring in its headline, “Beretta Holding Comments on Ruger’s Disappointing Q4 and FY 2025 Results.”
As Huntington and Wheat discussed in their podcast, this sort of thing isn’t really heard of in the American firearms industry, but it apparently happens among European gun manufacturers.
“The Company’s (Ruger’s) fourth quarter and full-year 2025 results underscore a clear and growing disconnect between management’s rhetoric and actual performance – a disconnect that cannot be explained away as cyclical or temporary headwinds,” Beretta declared. “Instead, these results appear to reveal a management team and Board that are failing to execute effectively and are doubling down on a failed strategy that is eroding value for shareholders, employees and customers.”
In its release, Beretta Holding acknowledged it had nominated a slate of four highly qualified, independent director candidates for election to the Ruger Board of Directors at the 2026 Annual Meeting of Shareholders. “Visit www.ReloadRuger.com to learn more about our campaign and sign up to receive important updates.”
Ruger quickly replied the next day with a statement—also published at The Outdoor Wire—which was headlined “Ruger Sets the Record Straight on Competitor Beretta’s Attempt to Seize Control of Ruger.”
In its rebuttal, Ruger’s statement noted, “Ruger’s Board Has Sought to Engage Constructively with Beretta and Its Leadership and Has Traveled to Europe Multiple Times for Meetings with Beretta
“When Ruger’s Board was Unable to Meet Beretta’s Demands, Beretta’s Leadership Threatened to Launch a “War” and Nominated Four Directors, Including One Who is on the Board of a Beretta Subsidiary
“Ruger’s Board Will Continue to Protect Ruger’s Stockholders and All Ruger Stakeholders.”
“To date,” the company said in its March 10 release, “Ruger has not publicly responded to Beretta’s characterization of Ruger’s actions and decisions. However, because of mischaracterizations and omissions in Beretta’s communications, Ruger feels it is necessary to set the record straight.”
Ten days later, on March 20, Beretta announced it had sent a letter to Ruger shareholders asserting an “Urgent Need for Boardroom Change at Ruger.” This was also published at The Outdoor Wire.
