Reported 5 months ago
Japanese electric motor manufacturer Nidec Corp revised down two years of operating profit by about $67 million after finding that some sales were "recorded in an inflated manner" at a subsidiary, Nidec Drive Technology. The company amended its financial results for the years ended in March 2023 and March 2024, with operating profit being lower than originally stated. Nidec apologized for the inconvenience caused and made the corrections after discussions with its auditor, PricewaterhouseCoopers Japan.
Source: YAHOO