Adverse Opinions, Qualified Opinions, and Disclaimers of Opinion
This list is provided for the purpose of alerting investors to listed companies that have received an adverse opinion (negative conclusion), disclaimer of opinion (opinion or conclusion withheld), or qualified opinion (qualified conclusion) in the audit report (interim review report) attached to financial statements (quarterly financial statements, etc.).
List of Adverse Opinions and Disclaimers of Opinion
| Issue Name | Code | Document | Period | Date of Audit Report, etc. | Audit Opinion, etc. |
|---|---|---|---|---|---|
| NIDEC CORPORATION | 6594 | Quarterly earnings report (consolidated financial statements) |
Q1 of year ending Mar. 2026 |
Nov. 14, 2025 | Disclaimer of conclusion |
| NIDEC CORPORATION | 6594 | Semiannual securities report (consolidated financial statements) |
H1 of year ending Mar. 2026 |
Nov. 14, 2025 | Disclaimer of conclusion |
| KUBOTEK CORPORATION | 7709 | Semiannual securities report (consolidated financial statements) |
H1 of year ending Mar. 2026 |
Nov. 13, 2025 | Disclaimer of conclusion |
| TOSHIN HOLDINGS CO.,LTD | 9444 | Correction of quarterly earnings report (consolidated financial statements) |
Q3 of year ending Apr. 2025 Q1 of year ending Apr. 2025 |
Oct. 31, 2025 | Disclaimer of conclusion |
| TOSHIN HOLDINGS CO.,LTD | 9444 | Correction of quarterly report (consolidated financial statements) |
Q3 of year ending Apr. 2024 Q2 of year ending Apr. 2024 Q1 of year ending Apr. 2024 Q3 of year ending Apr. 2023 Q2 of year ending Apr. 2023 Q1 of year ending Apr. 2023 Q3 of year ending Apr. 2022 Q2 of year ending Apr. 2022 Q1 of year ending Apr. 2022 Q3 of year ending Apr. 2021 Q2 of year ending Apr. 2021 Q1 of year ending Apr. 2021 Q3 of year ending Apr. 2020 Q2 of year ending Apr. 2020 Q1 of year ending Apr. 2020 |
Oct. 31, 2025 | Disclaimer of conclusion |
| TOSHIN HOLDINGS CO.,LTD | 9444 | Correction of semiannual securities report (consolidated financial statements) |
H1 of year ending Apr. 2025 |
Oct. 31, 2025 | Disclaimer of conclusion |
| TOSHIN HOLDINGS CO.,LTD | 9444 | Correction of annual securities report (consolidated and standalone financial statements) |
Year ending Apr. 2024 Year ending Apr. 2023 Year ending Apr. 2022 Year ending Apr. 2021 Year ending Apr. 2020 |
Oct. 31, 2025 | Disclaimer of opinion |
| TOSHIN HOLDINGS CO.,LTD | 9444 | Annual securities report (consolidated and standalone financial statements) |
Year ending Apr. 2025 |
Oct. 31, 2025 | Disclaimer of opinion |
| NIDEC CORPORATION | 6594 | Annual securities report (consolidated and standalone financial statements) |
Year ending Mar. 2025 |
Sep. 26, 2025 | Disclaimer of opinion |
| Kushim,Inc. | 2345 | Annual securities report (consolidated and standalone financial statements) |
Year ending Oct. 2024 |
Apr. 28, 2025 | Disclaimer of opinion |
(Note)
- ･In the case of an adverse opinion or disclaimer of opinion, if TSE deems that it clear that it will be difficult to ensure an orderly market unless the company is immediately delisted, the company will be delisted. If TSE deems that improvement of the internal control system is necessary, the company may be designated as Securities on Special Alert.
- ･"Details of and Reasons for Audit Opinion, etc.“ documents (in Japanese only), posted in place of the listed company’s disclosure documents, can be found on the Japanese website.
- ･In the above table, information on Quarterly Earnings Reports (excluding second quarter earnings reports) is updated weekly.
List of Qualified Opinions
| Issue Name | Code | Document | Period | Date of Audit Report, etc. | Audit Opinion, etc. |
|---|---|---|---|---|---|
| Showa Holdings Co.,Ltd. | 5103 | Semiannual securities report (consolidated financial statements) |
H1 of year ending Mar. 2026 | Nov. 14, 2025 | Qualified conclusion |
| TABIKOBO Co.Ltd. | 6548 | Correction of quarterly report (consolidated financial statements) |
Q3 of year ending Jun. 2024 Q2 of year ending Jun. 2024 Q1 of year ending Mar. 2024 Q3 of year ending Mar. 2023 Q2 of year ending Mar. 2023 |
Oct. 31, 2025 | Qualified conclusion |
| TABIKOBO Co.Ltd. | 6548 | Correction of annual securities report (consolidated and standalone financial statements) |
Year ending Jun. 2024 Year ending Mar. 2023 Year ending Mar. 2022 Year ending Mar. 2021 |
Oct. 31, 2025 | Qualified opinion |
| SHINWA WISE HOLDINGS CO.,LTD. | 2437 | Annual securities report (consolidated financial statements) |
Year ending May 2025 | Aug. 29, 2025 | Qualified opinion |
| Wedge Holdings CO.,LTD. | 2388 | Quarterly earnings report (consolidated financial statements) |
Q3 of year ending Sep. 2025 | Aug. 14, 2025 | Qualified conclusion |
| Showa Holdings Co.,Ltd. | 5103 | Quarterly earnings report (consolidated financial statements) |
Q1 of year ending Mar. 2026 | Aug. 14, 2025 | Qualified conclusion |
| PIXEL COMPANYZ INC. | 2743 | Semiannual securities report (consolidated financial statements) |
H1 of year ending Dec. 2025 |
Aug. 14, 2025 | Qualified conclusion |
| Showa Holdings Co.,Ltd. | 5103 | Annual securities report (consolidated financial statements) |
Year ending Mar. 2025 | Jun. 30, 2025 | Qualified opinion |
| Wedge Holdings CO.,LTD. | 2388 | Semiannual securities report (consolidated financial statements) |
H1 of year ending Sep. 2025 | May 15, 2025 | Qualified conclusion |
| PIXEL COMPANYZ INC. | 2743 | Quarterly earnings report (consolidated financial statements) |
Q1 of year ending Dec. 2025 |
May 14, 2025 | Qualified conclusion |
| SHINWA WISE HOLDINGS CO.,LTD. | 2437 | Quarterly earnings report (consolidated financial statements) |
Q3 of year ending May 2025 | Apr. 08, 2025 | Qualified conclusion |
| PIXEL COMPANYZ INC. | 2743 | Annual securities report (consolidated and standalone financial statements) |
Year ending Dec. 2024 |
Mar. 27, 2025 | Qualified opinion |
| SHINWA WISE HOLDINGS CO.,LTD. | 2437 | Semiannual securities report (consolidated financial statements) |
H1 of year ending May 2025 | Feb. 27, 2025 | Qualified conclusion |
| Showa Holdings Co.,Ltd. | 5103 | Quarterly earnings report (consolidated financial statements) |
Q3 of year ending Mar. 2025 | Feb. 14, 2025 | Qualified conclusion |
| Wedge Holdings CO.,LTD. | 2388 | Quarterly earnings report (consolidated financial statements) |
Q1 of year ending Sep. 2025 | Feb. 14, 2025 | Qualified conclusion |
| SHINWA WISE HOLDINGS CO.,LTD. | 2437 | Quarterly earnings report (consolidated financial statements) |
Q1 of year ending May 2025 | Jan. 20, 2025 | Qualified conclusion |
| TOKYO KOKI CO.LTD. | 7719 | Quarterly earnings report (consolidated financial statements) |
Q3 of year ending Feb. 2025 | Jan. 10, 2025 | Qualified conclusion |
Please refer to the Annual Securities Reports, Semiannual Securities Reports, Quarterly Securities Reports or Quarterly Earnings Reports (excluding second quarter earnings reports) of each company for the details of the qualified opinion and other information.
In the above table, information on Quarterly Earnings Reports (excluding second quarter earnings reports) is updated weekly.
(Note)
- ･EDINET is an electronic disclosure system operated by the Financial Services Agency for statutory disclosure (securities reports and other disclosure documents) required under the Financial Instruments and Exchange Act.