The ballistics calculations don't lie.

For this story you heard... what cartridge was used? What bullet weight? What muzzle velocity? Where was the gun pointed? Do you have any actual information to share?

It's called Shannon's Law.

There is plenty of information about the law but I can find very little specific information about the actual incident besides a news report stating that "police believe it was fired straight up within a mile of Shannon's home."

This doesn't tell us much unfortunately. From Hatcher's testing done in the 1920's he found terminal velocity of a bullet fired straight up which does not destabilize is about 300fps, which with a fairly heavy .30-06 bullet results in about 30ft/lbs of energy. He noted that it was typically accepted that 60ft/lbs of energy was required to produce a disabling wound.

Of course, even at 30ft/lbs is it possible though statistically improbable that a falling bullet could strike in such a way as to cause serious injury or death.

It's very hard to get good numbers on injuries and deaths from this phenomenon, but the evidence points to it being an extraordinarily uncommon occurrence despite the fact that some cities, such as Dallas, report up to 1000 complaints for celebratory gunfire per year.

Note that I am not claiming it is a good idea.

The list of things that "can be fatal" is massive. 1 person dying does not instantly make an activity particularly dangerous.

If I put on a blindfold, and start randomly shooting around in various directions, I might not hit anybody. 0 fatalities! Does this make my actions "not dangerous?"