Update : May 22, 2012
[Tokyo Stock Exchange, Inc.]
TSE has taken the Public Announcement Measure and requested an Improvement Report as follows.
|1. Company Name||
DAITO GYORUI CO.,LTD.
(Code: 8044, Market Division: 2nd Section)
|2.Date of Public Announcement Measure||May 18, 2012 (Fri.)|
Securities Listing Regulations, Rule 508, Paragraph 1, Item 1
(Due to a public announcement being deemed necessary in cases where TSE has recognized a violation of the matters to be observed when conducting disclosure)
|3.Improvement Report Submission Deadline||Jun. 1, 2012 (Fri.)|
Securities Listing Regulations, Rule 502, Paragraph 1, Item 1
(Due to improvements being deemed highly necessary in cases where TSE has recognized a violation of the matters to be observed when conducting disclosure)
Regarding the announcement of errors in past earnings reports, etc., DAITO GYORUI CO.,LTD. (hereinafter “the Company”) confirmed today that it had disclosed earnings information requiring material corrections during the period from the fiscal year ended March 2007 to the third quarter of the fiscal year ended March 2012.
This was due to insufficient inclusion of provisions for retirement benefits arising from an error in the accounting processing for absorption-type mergers of subsidiaries by the Company and an erroneous grasp of the disparity in mathematical calculations.
TSE has deemed that the understanding of accounting standards pertaining to provisions for retirement benefits, communication with related units, and checks related to fundamental documents/calculation processes were insufficient at the Company.
Based on the above, this case is deemed to be in violation of the matters to be observed pertaining to timely disclosure, have a significant effect on investment decisions, and require announcement. Thus, TSE will enact public announcement measures.
Additionally, this case involves inappropriate disclosure arising from insufficiencies in the Company’s structure for properly conducting timely disclosure, and improvement of the Company's timely disclosure system has been deemed highly necessary. As such, TSE shall require the Company to submit a report containing the background of the issue and improvement measures.
DISCLAIMER: This translation may be used only for reference purposes. This English version is not an official translation of the original Japanese document. In cases where any differences occur between the English version and the original Japanese version, the Japanese version shall prevail. Tokyo Stock Exchange, Inc., Tokyo Stock Exchange Group, Inc., and/or Tokyo Stock Exchange Regulation shall individually or jointly accept no responsibility or liability for damage or loss caused by any error, inaccuracy, or misunderstanding with regard to this translation.
Tokyo Stock Exchange, Inc.
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