BREAKING NEWS
Financial
Investigators: Toshiba Over-Inflated Profits; Top Execs Knew
BREAKING NEWS
Company Schedules Press Conference Tuesday; President Expected to Resign
The Japan Times is reporting today that investigators looking into potential accounting malfeasance at Toshiba Corp. for the five-year period ending March 31, 2015 have released summary findings that confirms that the company management was directly involved in misreporting profits. The news exploded in Japan, as one of its most venerated companies has lost all credibility.
The company has scheduled a press conference for Tuesday in which it is widely anticipated that Toshiba’s President Hisao Tanaka will resign.
But the damage to the company, doesn’t end with Tanaka…see more… [Read more…] about Investigators: Toshiba Over-Inflated Profits; Top Execs Knew
Stressing the Industry, LCD Panel Prices Collapse 10% in 2015
In a sign of continuing struggles in the TV business, reports out of Japan indicate that LCD panel prices continue to decline. So far in 2015, the average price of LCD panels have dropped 10%…and show no sign of slowing down.
See what’s driving the decline in sales of LCD panels… [Read more…] about Stressing the Industry, LCD Panel Prices Collapse 10% in 2015
Toshiba’s Troubles Hit Tipping Point
BREAKING NEWS
Reports Say CEO is Out; Board of Directors Faces Massive Overhaul
When Japan Prime Minister Shinzo Abe announced an initiative to tighten up corporate oversight he couldn’t possibly have known that his administration’s first catch might be his biggest – Toshiba Corp. Toshiba, one of the largest and most respected companies in Japan, is being investigated for what many sources are calling one of Japan’s worst accounting scandals.
See what is coming for this titan of Japanese industry… [Read more…] about Toshiba’s Troubles Hit Tipping Point
Proxy Adviser Tells Japanese Investors to Vote Out CEOs at Sony & Sharp
We live in interesting times! In a news report out of Japan that is, shall we say, unusual – proxy investment advisory firm ISS is recommending that Japanese shareholders vote against the reelection of the top executives at both Sony Corp. and Sharp Corp. at upcoming annual shareholders meeting for the firms. Coming from the land of consensus and support for local brands, this news is quite surprising.
See more on ISS’s recommendation & the reason they suggest these execs must go… [Read more…] about Proxy Adviser Tells Japanese Investors to Vote Out CEOs at Sony & Sharp
D&M Holdings Borrows $25 Million to Build More HEOS
An independent commercial finance company, Siena Lending Group, announced last week that it has worked with North Mill Capital to close on a three-year asset-based revolving credit facility in the amount of $25 million with D&M Holdings, Inc. and D&M Canada, Inc. Siena says that the funds will support D&M’s growth and their “seasonal working capital requirements.” It will also, apparently, help Denon grow their HEOS line. Why do we say that? Read on…
See more on this, including how this deal connects to Denon’s HEOS line… [Read more…] about D&M Holdings Borrows $25 Million to Build More HEOS
The Trail Goes Cold & Sticky at Tivoli Audio; Company Sold to Kings of Yogurt
We learn this month that Tivoli Audio LLC’s epic saga continues, as the previous private equity company owner Summit Associates hires another private equity company Levy Capital Partners to sell it to a third private equity company Serruya Private Equity. (Notice a theme here?) Serruya says it has acquired Tivoli Audio to “serve as its flagship consumer electronics brand.” Or, in other words, as its only consumer electronics brand in a sea of yogurt flavored packaged goods brands.
See more on this new twisty turn in Tivoli’s journey… [Read more…] about The Trail Goes Cold & Sticky at Tivoli Audio; Company Sold to Kings of Yogurt
Shareholders Slam Sharp’s Stock
Sharp Corp., as we have previously reported, is going through some seriously tough times. Earlier this month, company-connected sources had told the Japanese media that the company would announce drastic restructuring measures, including significant staff cutbacks – not just in export markets, but on their home turf of Japan as well. And while the company went on to officially announce these cuts, it did not take any additional steps to fundamentally restructure their company, disappointing investors who were looking for much more.
Shareholders in Japan have slammed Sharp for its weak-kneed restructuring…See more… [Read more…] about Shareholders Slam Sharp’s Stock
Soundcast Acquired by Private Equity Company
Soundcast, a marketer of primarily wireless outdoor speaker products, announced on Tuesday that it has been acquired by Hancock Park Associates, a private equity company out of Los Angeles, with offices in Houston and Denver. The announcement says that the new owners have also appointed The OAC Group “to manage and run Soundcast.”
It was a surprising development for a company that’s had a bumpy ride through its history… [Read more…] about Soundcast Acquired by Private Equity Company
Sources Say Toshiba May Write-Down Profits in Past 3-Years of Financials
Last month, Toshiba Corp. warned the financial markets in Japan that they were launching an internal investigation into “possible problems” with its accounting. The stock exchange’s reaction to the announcement was swift, with the company’s stock price having its biggest one-day drop in value in more than a year. Now unnamed sources are telling the media that the company will have to restate its profits…for a three-year period.
