Japan Display Likely to Correct Past Earnings Reports

Economy

Tokyo, Feb. 14 (Jiji Press)--Japan Display Inc. <6740> said Friday it is highly likely that the company engaged in an accounting fraud in the past, a move that may force it to correct past earnings reports.

A third-party committee set up by the maker of small and midsize liquid crystal display panels is investigating the size and the period of the fraud, Japan Display said.

The committee is expected to release a report on its findings in mid-April. The company applied for regulatory approval to extend the deadline for filing a quarterly financial statement from Friday.

In November, Japan Display received an email from a former senior official notifying the company about 15 cases of accounting irregularities. The official later died in an apparent suicide.

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