SEC Investigating Smith & WessonNov 26, 2003 | www.businesswire.com Scottsdale-based Smith & Wesson Holding Corp. Wednesday acknowledged that the company's fiscal year 2002 financial statements, and planned restatement, are under investigation by the Securities and Exchange Commission.
At the same time Smith & Wesson officials announced that the staff of the American Stock Exchange has accepted the company's plan to return to compliance with AMEX's continued listing standards.
Smith & Wesson officials said the company intends to cooperate fully with the SEC.
At issue in regards to the AMEX listing, officials said, was a restatement of the company's financial statements for the fiscal year ended April 30, 2002.
On Sept. 11, 2003, the Smith & Wesson received notice from the AMEX staff that the company was not in compliance with AMEX's continued listing standards due to its inability to file a financial statement with the SEC, due to the restatement.
Under the plan announced Wednesday, the company anticipates returning to compliance with AMEX's standards by the end of the calendar year and will continue to be subject to periodic review by the AMEX staff during the extension period.
Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension period could result in the company being delisted from AMEX.
According to Smith & Wesson officials, its financial statements for the 2002 fiscal year are being re-audited by its independent public accountants, PricewaterhouseCoopers LLP.