Taser International Inc. said Friday that the Nasdaq Stock Market might stop trading its shares because the company had failed to file its third-quarter earnings report with the Securities and Exchange Commission. Its shares fell 12%.
Taser, the world's largest maker of stun guns, plans to request a hearing before a Nasdaq panel to appeal the decision. Filing an appeal stops the delisting process until a ruling is made, Scottsdale, Ariz.-based Taser said. The company will file the quarterly report "as soon as possible," a spokesman said.
The report for the quarter that ended Sept. 30 has been delayed pending the completion of a restatement of financial results for the two previous periods because legal fees and other expenses were recorded in the wrong quarter.
Taser's shares had tumbled 77% this year before Friday amid concern about the safety of its stun guns and an SEC accounting investigation.