Japanese electronics giant NEC said it was unable to file its annual report from last year and would not be able to restate prior financial results going back to 2000 because of difficulties reconciling Japanese GAAP standards with U.S. GAAP standards.
The company had to restate its earnings three times last year and said earlier this year that it was switching to Japanese accounting standards. The company could face a delisting of its American depositary receipts from the Nasdaq as a result of the accounting troubles.
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