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SCREEN Holdings Co ( (JP:7735) ) just unveiled an announcement.
SCREEN Holdings Co. has published a summary of an investigation report following an internal review of revenue recognition practices within its semiconductor production equipment business. The investigation revealed inappropriate revenue recognition practices involving side letters that indicated installation was unnecessary. This led to an overstatement of net sales by 5,967 million yen for the fiscal year ended March 2024. The company has identified causes such as discrepancies in revenue recognition standards and inadequate compliance awareness and proposed measures including updating revenue recognition standards and strengthening internal checks to prevent recurrence.
More about SCREEN Holdings Co
SCREEN Holdings Co., Ltd. operates in the semiconductor industry, primarily focusing on the production of semiconductor equipment. The company is listed on the Tokyo Stock Exchange Prime Market and is a key player in providing solutions for semiconductor manufacturing processes.
YTD Price Performance: 8.70%
Average Trading Volume: 493
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $6.23B
Learn more about 7735 stock on TipRanks’ Stock Analysis page.
