SEC Opens Probe of Smith Wesson
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Smith & Wesson Holding Corp., the oldest U.S. handgun maker, said the Securities and Exchange Commission was investigating the company’s fiscal 2002 financial statements and restatement of earnings. Smith & Wesson said it intended to cooperate fully with the investigation. Company spokeswoman Amy Armstrong said she didn’t have any other details on the investigation.
Smith & Wesson said the American Stock Exchange accepted its revised plan to have its stock comply with the exchange’s listing standards. The Amex told the company in September that it was out of compliance because it had failed to file its 2003 annual report. Smith & Wesson said it planned to file the annual report and restated 2002 results during the week of Dec. 8.
Shares of Smith & Wesson fell 30 cents to $1.92 on the Amex.
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