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Taser Responds To Adverse Audit Findings, Says Financials Unaffected

Taser Responds To Adverse Audit Findings, Says Financials Unaffected
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TASER International, Inc (NASDAQ: TASR) shares are down about 14 percent since the company’s fourth-quarter earnings report on February 28.

Just a day after the earnings report, Taser submitted a non-timely 10-K to the SEC. Several days after the earnings report, the company’s 10-K filing disclosed “material weakness in the company’s internal controls.”

Benzinga reached out to the company to get some more insight into what the material weakness meant for company shareholders.

On Thursday, a Taser spokesperson told Benzinga the material weakness in internal controls was related to the company’s international sales recognition which was caused by a data entry error. The spokesperson reassured the weakness would have no change on the company’s financial results.

Taser hired outside experts to assist in developing an Internal Control Review And Mediation Plan. The plan has been implemented, according to the spokesperson. The company expects the auditor to modify their adverse opinion when the new plan plan has proven reliable long-term.

In Thursday's trading session, Taser shares are quiet, down 0.1 percent to $22.35.

Posted-In: News Legal Exclusives Best of Benzinga


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