Officers were sent to a strip mall at Reseda Boulevard and Saticoy Street at 11:09 a.m. after receiving multiple reports of a man armed with a knife, according to the Los Angeles Police Department.
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When officers arrived they saw the suspect continuing to actively stab a man on the ground, according to LAPD Deputy Chief Alan Hamilton.
They repeatedly ordered him to stop and deployed a less-lethal device described as a ".40mm impact munition." When those failed to stop the assault, they shot him, Hamilton said.
The suspect was declared dead at the scene a short time later. A knife was recovered at the scene.
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The stabbing victim was brought to a local hospital with multiple wounds. He was in stable condition and is expected to survive.
The deceased suspect has been identified only as a man believed to be in his 20s or 30s.
Police are still investigating the events that led up to the stabbing and whether the victim and suspect knew each other.