The Tokyo Stock Exchange told REVOLUTION CO., LTD. (8894, TSE Standard) on July 24, 2026 that its shares would be designated a Special Alert Stock effective July 25, and that the exchange would collect a listing agreement penalty fee from the company.
The designation follows an accounting dispute that surfaced in mid-June. On June 15, 2026, REVOLUTION disclosed that its auditor, Aria, had issued a disclaimer of conclusion, meaning the firm declined to offer any opinion on the interim consolidated financial statements covering the first six months of the fiscal year ending October 2026.
That same day, REVOLUTION and two consolidated subsidiaries, WeCapital and a real estate unit, each convened extraordinary board meetings. All three resolved to set up internal investigation committees with outside experts, tasked with gathering audit evidence sufficient to dispel whatever doubts led Aria to withhold its opinion.
In its notice, REVOLUTION said it would strengthen governance and internal controls following the special-alert designation and apologized to shareholders and investors for the disruption. The disclosure does not state the size of the penalty fee or a timetable for when the investigation committees expect to conclude their work.