JVC Kenwood Shares Plunge on Earnings Restatement Plan
February 08, 2010, 7:54 PM ESTBy Gregory Turk
Feb. 9 (Bloomberg) -- JVC Kenwood Holdings Inc. plunged in Tokyo trading after the company said it would restate earnings to reflect losses at its Victor unit.
The shares fell 8.3 percent to 33 yen as of 9:19 a.m. on the Tokyo Stock Exchange, heading for the biggest decline since May 14. The stock had the largest decline on the benchmark Topix index, which rose as much as 0.1 percent.
The Japanese electronics maker said yesterday after markets closed it would restate earnings after disclosing cumulative losses of 17 billion yen ($190 million) at its Victor unit’s European businesses over the past five years.
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To contact the editor responsible for this story: Gregory Turk at gturk2@bloomberg.net
