Check your spam box. It could be the SEC.
|That's the lesson learned last week by Axon Enterprise Inc., thecompany best known for its Taser stun guns. Late Thursday, Axonannounced that “due to miscommunication issues,” the company hasjust become aware of SEC requests regarding its previous financialreports and is now scrambling to respond. The stock fell as much as7%, its biggest drop in more than two months.
|What happened? Axon's internal email filters are to blame.The SEC sent its initial comment on Aug. 10 and follow-up requestsonly to Axon's new CFO, Jawad Ahsan, and they were quarantined in aspam filter. Dougherty & Co. analyst Jeremy Hamblin in a noteto clients, called the incident “embarrassing, but nothing to beconcerned about.”
|Truth be told, the SEC sends these sorts of comment letters tocompanies all the time, Hamblin says. Next time, Axon is sure to bewatching more closely. The company says it has already changed itsemail filter and established a more reliable line of communicationwith the agency.
|From: Bloomberg News
|Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.
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