Core Viewpoint - J-Star Holding Co., Ltd. has filed formal complaints against PwC for misrepresenting qualifications during its NASDAQ IPO process, leading to delays and additional costs [1][3]. Group 1: Complaints and Investigations - The complaints have been submitted to the American Institute of Certified Public Accountants (AICPA) and the Public Company Accounting Oversight Board (PCAOB), with the AICPA complaint currently under investigation [2][3]. - PwC's services were deemed inadequate, resulting in significant delays in J-Star's IPO timeline and necessitating the replacement of PwC as the auditor [3]. Group 2: Company Statements and Actions - Jonathan Chiang, Chairman of J-Star, emphasized the company's commitment to transparency and regulatory compliance, stating that the decision to involve U.S. regulatory authorities was made to ensure an independent review of PwC's conduct [4]. - The company has chosen not to submit the case to Taiwan's Financial Supervisory Commission (FSC) due to potential conflicts of interest, as a former FSC Deputy Chairman is now a partner at PwC Taiwan [4].
J-Star Files Formal Complaints Against PwC with AICPA and PCAOB