Police were called to Park Road, Barry, near Porthkerry Park, at around 10.30pm Monday, April 13.
There were reports that a person had been assaulted and of ‘loud bangs’ like gun shots.
However, no victim has come forward nor been identified.
Checks have been made with local hospitals and further enquiries are on-going.
Two people were arrested on the night in the Roath area of Cardiff.
Domonic Bily, 18, from Llanrumney, Cardiff, has been charged with possession of a firearm with intent to cause fear of violence.
He appeared at Cardiff Magistrates’ Court yesterday (Wednesday, April 15)
Bily was remanded in custody, and a further court hearing is due to take place next month.
A 17-year-old boy from Canton also arrested in connection with the incident is on police bail pending further enquiries.
Several items, including blank casings, have been recovered from the scene for forensic examination.
Blank casings or cartridges produce a loud sound like a bang, but do not fire a bullet.
A police cordon has been lifted and the investigation continues.
DI Phillip Marchant, from South Wales Police, said:“We understand the concern this incident has caused, and I want to reassure the local community that a team of detectives are working on the investigation.
“Enquiries are continuing at pace to identify any victims, but at yet none have been identified.
“We would like to thank the local community for their support and understanding while the police cordon was in place and while our enquiries continue.”
Anyone with information is asked to contact police quoting reference 2600113574
