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SEC Sues Stun-Gun Maker Stinger

ATLANTA (CN) - Stinger Systems and its CEO Robert Gruder defrauded the market and drove Stinger share price from $1.25 to $48.55 by misrepresenting Stinger's "flagship stun gun product," the SEC claims in Federal Court. Stinger and Gruder falsely claimed that the Bureau of Alcohol, Tobacco and Firearms had certified the gun; that Stinger shares would trade on the NASDAQ, rather than the Pink Sheets; and that the gun was "ready for sale and distribution" though it was not even ready for production, the SEC says. See complaint.

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