Access discloses material weaknesses, postpones results, announces corrective actions

Access CO., LTD. announced material weaknesses in its internal control over financial reporting for the fiscal year ending January 2025, prompting the restatement of prior fiscal years' financial statements from 2021 through 2024. The issues stem from improper sales recognition and overstated software assets at its U.S. subsidiary, IP Infusion Inc. These irregularities led to an extraordinary loss of ¥2,644 million, including special investigation fees, impacting consolidated financial results. A special investigation committee found that sales transactions for software licenses were improperly recognized and supporting documents were falsified.