TOKYO, May 21 (Pulse News Wire) – Freebit CO.,LTD. (3843.T) announced today that its board of directors has established a special investigation committee to verify the appropriateness of the company’s share acquisition of CountUp Corporation (referred to as “CU Corp.”) and the validity of CU Corp.’s two patents, based on recommendations from the audit committee.
The move follows concerns raised by shareholders and external sources regarding the propriety of the transaction and patent ownership. The investigation committee, composed of independent experts, will examine the factual basis of the acquisition, investigate similar cases, analyze findings, and make recommendations to the company. Members include attorney Yasuyuki Matsuyama, attorney Masaru Osazza, and certified public accountant Kiyoshi Nagemizu. The company stated there are no special interests between the committee members and FreeBit.
Regarding potential impacts on performance, FreeBit believes the effects on its consolidated earnings are limited at this stage but will disclose any significant findings promptly. The company plans to support the investigation fully and provide necessary information. Discussions with the audit committee are scheduled for the fiscal year-end results announcement in June and the annual general meeting in July, with adjustments made based on the investigation timeline. FreeBit deeply apologizes for any inconvenience caused to stakeholders due to this matter.
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