Letters from regulators go unanswered, Axon slides
Oct. 20, 2017
NEW YORK (AP) — Shares in Axon, the maker of Taser stun guns, are down more than 5 percent after the company revealed that it failed to respond to a series of letters from regulators regarding its financial filings.
The company said Friday that an email spam filter had sorted the correspondence out of new CFO Jawad Ahsan's regular inbox and that there were no other Axon officials copied in on the emails.
In a response late Thursday to the Securities and Exchange Commission, Axon Enterprises Inc. cited "miscommunication issues." It said it only recently became aware of the inquiries and was now trying to resolve the matter.
The first SEC letter, dated Aug. 10, requested a response from Axon within 10 days. It is common for the SEC to ask questions or request additional information from companies about regulatory filings.
The second letter, dated Sept. 5, set a Sept. 19 deadline for Axon to respond. On Sept. 20, the SEC sent a final letter to Axon, saying it was terminating the review and would "take further steps as we deem appropriate." The agency declined to comment on Friday.
The three letters sent by the SEC can be seen on the agency's website.
Axon, which is based in Scottsdale, Arizona, changed its name from Taser International in April.