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An update from V-cube ( (JP:3681) ) is now available.
V-cube said its auditor, Grant Thornton Taiyo, has issued a disclaimer of opinion on the company’s standalone and consolidated financial statements for the year ended December 2025, as well as on its internal control audit. The auditor concluded it could not obtain sufficient appropriate evidence and warned that any unidentified misstatements could be material and pervasive across the accounts.
The audit impasse stems from roughly $5.4 million in outsourcing fees paid in February 2025 by U.S. subsidiary TEN Holdings tied to capital policy after its NASDAQ listing, including an unapproved financial support letter issued by then-CEO Naoaki Mashita and inconsistencies between the contracting party, payee and actual services. V-cube has set up an independent Special Investigation Committee and TEN is under investigation by U.S. authorities over its IPO, developments that may have significant consequences for the company’s reported results, internal controls and governance credibility.
More about V-cube
V-cube, Inc. is a Japan-based technology company listed on the Tokyo Stock Exchange Prime Market that provides digital communication and related services. Through subsidiaries including U.S.-based TEN Holdings, Inc., the group has pursued growth around capital markets activity, including a NASDAQ listing, and is exposed to overseas regulatory and governance standards.
Average Trading Volume: 1,748,938
Technical Sentiment Signal: Sell
Current Market Cap: Yen1.42B
See more data about 3681 stock on TipRanks’ Stock Analysis page.