/ Source: Reuters
Stun gun maker Taser International Inc. filed with regulators Tuesday to delay its quarterly filing, saying it was not able to complete its quarterly financial statements in time because it is busy restating its financials for the year ended Dec. 31, 2004.
Taser said the error in its yearly results comes from its calculation of the future tax benefit from employees' sale of stock they had received by exercising options.
The SEC is investigating the company over statements about the safety of its stun guns and a distribution deal struck in December 2004.
The deal increased suspicions because it happened late in the fourth quarter and raised doubts about when Taser planned to book revenue from the agreement.