Three months after restating its 2004 earnings, stun gun manufacturer Taser International Inc. said it had fired its accounting firm.

In May, Taser said miscalculated tax amounts related to employee stock options had led to the restatement of its 2004 earnings -- amounting to a penny per share. In a filing with the Securities and Exchange Commission, Taser said its accountant, Deloitte & Touche, had told the company the control deficiency constituted a material weakness in their internal controls.

In a statement, chief financial officer Dan Behrendt, said there were no disagreements with Deloitte & Touche, and announced Taser would replace the firm with Grant Thornton. "We believe that Grant Thornton's focus on middle market leaders will more closely align with Taser International's service needs," he said.

In January, Taser said the SEC had launched an inquiry into claims the company has made about its safety studies and that regulators were also looking into an end-of-year sale that some analysts had questioned, saying the deal appeared to inflate sales to meet annual projections.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access