WILMINGTON, Del. (CN) – Point Blank Body Armor filed for bankruptcy, listing more than $65 million in debts. A police officers’ group filed a class action against the company in 2005 over the quality of its Zylon vests, and its former CEO David Brooks, who owns 23 percent of the shares, faces criminal fraud charges in Manhattan.
Reuters reported that the company is spending $600,000 a month on legal fees.
The Pompano Beach, Fla.-based company cashed in on the U.S. military’s demand for body armor after 9/11.