Vestand Inc. has announced that its previously filed financial statements, covering multiple periods from 2021 through mid-2025, should not be relied upon due to significant inaccuracies and inconsistencies identified by an independent accounting firm, Oh & Chung LLP. The company's board, following an audit committee review, cited issues including fictitious or improperly recorded liabilities, unauthorized securities issuances, and problematic intercompany loans. Vestand is preparing restated financial statements for submission to the SEC and is considering legal action and compensation clawbacks from executives involved in the matter. The timing for the restated filings has not yet been determined.
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