Jun 13, 2017

Toshiba facing fresh demand for damages

Japanese electronics giant Toshiba says it is facing a fresh lawsuit from another group of foreign investors seeking damages following its $1.2bn accounting scandal. An accounting scandal, uncovered in 2015, led to the resignation of several members of the firm's senior management, including the chief executive, after the company was found to have inflated the previous seven years' profits by $1.2bn. Toshiba said it received the most recent complaint, demanding $399m in compensation, on Monday. As a result, part of the impact of this latest claim for damages was reflected in the financial outlook Toshiba published last month, when it warned it was likely to report an annual loss of 950bn yen. Jun 2015: Toshiba is found to have inflated its financial results by $1.2bn over the previous seven years. Apr 2017: Toshiba finally puts out its Q3 results, without the stamp of approval from its auditors, with a warning that its future may be in jeopardy.

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