Apple supplier Japan Display reviewing past earnings following former executive’s embezzlement: Japan Display has been having a rough few years, from seeking government bailouts to requesting cash injections to sustain with the competition. And things aren’t getting recover.
Last Week Report:
Japan Display had dismissed an accounting executive at the company last year for a giant embezzlement scheme. As it saw the executive embezzling upwards of $5.3 million over the course of four years. Now, Japan Display has confirmed that it’ll be reviewing past earnings in light of that former accounting executive informing the company. He “was directed by former top management” to oversee accounting fraud.
Apple supplier Japan Display Inc said on Wednesday it would review its past earnings after a former accounting executive notified the company of a past accounting fraud which he said was directed by former top management.
According to Japan Display’s statement, as reported by Reuters:
The company will be making a notification following an internal investigation. But there is no word on when that might be summed up. While all of this is going on, Japan Display is still seeking a bailout from not only Apple but other potential investors as well.
As far as that bailout is concerned, which could be on the rocky ground, all things considered. Japan Display says the conversations are still ongoing. So the company isn’t completely lost just yet. However, the company just recently reported its 11th consecutive quarterly net loss. So, still not great.
The liquid crystal display (LCD) maker for smartphones has been losing money for the past five years. But last week reported its 11th consecutive quarterly net loss on slow display sales and reshaping costs.
The firm has lost out on orders in recent years as manufacturers began switching from LCD displays to organic light-emitting diode (Oled) displays.
Share your opinion with us in the comment section below!