Toshiba Not Reporting Audited Full-Year Financial Results at Shareholders’ Meeting

Signage for Toshiba Corp. is displayed atop the company’s headquarters in Tokyo, Japan, on Wednesday, May 13, 2015. An accounting probe of Toshiba’s infrastructure and energy projects caused its default risk to jump the most in Japan, just as the creditworthiness of Sharp Corp. and Sony Corp. had been improving. Photographer: Akio Kon/Bloomberg

Troubled Toshiba Corporation of Tokyo, Japan, reported on May 31st that it won’t report its audited full-year financial results, as required by its company regulations, at its general meeting of share holders to be held on June 28th.

The firm reports that its full-year results – for its 178th fiscal year – are still by audited by its independent auditor, including results for its former subsidiary, Westinghouse Electric Company, and its group of companies, which has filed for Chapter 11 U.S. bankruptcy.

Toshiba stated that “completion of the auditing is expected to take some more time.” It expects to report full-year earnings at an extraordinary meeting of shareholders that it will schedule for a later date.  At this meeting, it says it will explain the status of its progress in securing third-party investment in its memory-chip business.

Japan Today had previously reported that Toshiba would report a 950 billion yen ($8.4 billion) net loss for its fiscal year that ended March 31, 2017. In April, Toshiba reported a $5.9 billion loss for its latest fiscal quarter, and warned of its “ability to continue as a going concern.”

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