Brea-based Vestand Inc., previously known as Yoshiharu Global, determined on Oct. 29 that the company’s previously filed financial statements are unreliable.
Vestand’s board of directors is working with public accounting firm Oh & Chung LLP to investigate past annual and quarterly reports filed with the SEC for possible inaccurate disclosures, inconsistent record-keeping, and other actions, the company said in an Oct. 31 filing.
It listed previously issued financials starting from 2021 to this year as statements that should not be relied upon, based on reports from Vestand’s audit committee and Oh & Chung.
The firm identified inconsistencies, missing information and documentation, and other inaccuracies in the company’s financial statements. Vestand is now preparing restatements though the review is not yet complete.
On Oct. 27, Vestand appointed Jaeho Yoon as its new chief financial officer. Yoon succeeded Ju Hwan Oh, who resigned from the role on Sept. 15.
Shares of Vestand fell 3.4% to 75 cents in after-hours trading. Prior to the announcement, the shares had fallen 86% since its 52-week high in March to 79 cents and an $11 million market cap (Nasdaq: VSTD).
