BREAKING NEWS: Toshiba Pulls The Plug
Toshiba has pulled the plug on a pending financial statement, due today.
Initially primed to reveal the mounting costs of the company’s disastrous investment in the nuclear equipment business, the company has now left investors in the lurch.
The company said in emailed statement that it was “not ready” to do so, providing no further details.
According to reports by Kyodo News Agency, the delay is due to complications in Toshiba’s ongoing discussions with auditors.
The company have until next Tuesday to release their earnings report or face additional scrutiny or even delisting by regulators.
The cost of the division was previously understood to be in excess of $4.4 billion in US dollars when the company made warnings over a potential write-down in December.
Toshiba Chief Executive Satoshi Tsunakawa was also expected to outline the prospects for Toshiba’s nuclear arm and update on the company’s desperate efforts to raise capital, including the sale of a stake in its memory chip business in Tokyo at a press conference later today.
It is understood that this delayed earnings report may also bode poorly for the conference.
Toshiba’s share price has dropped over 48% since December and additional 9% in the hours since the news broke.
Toshiba has gone from crisis to crisis in recent years following a major accounting scandal in 2015.
More to follow.