fell 11% Tuesday after the stun-gun maker delayed its quarterly filing with regulators.
The Scottsdale, Ariz., company filed with the
Securities and Exchange Commission
for a five-day extension on its first-quarter report, which was due Monday. Taser said it has "devoted significant resources" to complete the restatement of its numbers for the year ended Dec. 31 and to prepare numbers for its quarter ended March 31.
warned last month that it had found an error in its 2004 financials relating to its "calculation of the future tax benefit to be received from employees' sale of stock received from the exercise of stock options, and other tax effects of stock option exercises."
Taser said at the time that fixing the problem would result in an undetermined "increase in deferred tax assets, accrued expenses and additional paid-in capital, and will not have a significant effect on results of operations or cash flows."
Tuesday's slide came in spite of its announcement of an order from British law enforcement agencies. Shares of Taser have fallen sharply recently amid worries about the safety of its stun guns and the company's business and accounting practices, which are being probed by regulators.
On Tuesday, shares of Taser fell $1.26 to $10.42.