Japanese PC manufacturer to miss US reporting deadline
NEC still wrestling with tough SEC standards and will miss accounting deadline, possibly risking its US listing
Japan’s biggest personal computer manufacturer,
admitted yesterday it would be unable to meet its US accounting deadline.
The company will lose its listing in the US if it does not supply the
regulator, the Securities and Exchange Commission, with a complete annual report
for the 2005 fiscal year, by April 2.
The group has been grappling with stricter US accounting standards since last
September, the FT reported.
NEC said that while the company continued to make a priority of efforts to
protect is US listing, it was unlikely to meet the SEC’s deadline.