A major development in the rock story that has dominated the headlines over the past 24 hours, as the shocking murder-for-hire charges against AC/DC's Phil Rudd have now been dropped due to "insufficient evidence."

However, the drummer is not out of the woods yet as he still faces charges of "threatening to kill," as well as possession of methamphetamine and marijuana.

The AC/DC stickman had been accused of attempting to hire a hit man to kill two men, but the lead prosecutor in the case now says that the charges of attempting to procure murder (murder-for-hire) was without merit.

According to the Associated Press, Tauranga Crown Solicitor Greg Hollister-Jones said his prosecution office had been given the case after Rudd had been charged by police and taken into court. "The file was obtained today and reviewed," Hollister-Jones revealed on Friday, adding, "There was insufficient evidence to proceed with the charge of attempting to procure murder."

Meanwhile, Rudd's lawyer Paul Mabey is infuriated, stating, "Mr. Rudd has suffered unnecessary and extremely damaging publicity as a result of widespread and sensational reporting of a very serious allegation, which on any basis was never justified. The damage to Mr. Rudd is incalculable."

Mabey adds that the two drug offenses are "minor" and that Rudd will fight the "threatening to kill" charge, for which he faces up to seven years in prison if found guilty.

Earlier today, AC/DC issued a statement saying, "We’ve only become aware of Phil’s arrest as the news was breaking. We have no further comment. Phil’s absence will not affect the release of our new album Rock or Bust and upcoming tour next year."

Stay tuned as more news develops in this ever-changing story.