Product Labeling, Product Safety and Intellectual Property Infringement
First written in FY2016. 3 of 8 entries say "Restated". Latest entry: FY2022.
Vega corporation moved to the "Worse" side of this theme in 2018, 6 years before the typical company in this theme (2024).
The whole theme swung hardest in 2024: 2 of 7 companies on the "Worse" side.
12 other companies' latest entry also says "Restated".
- FY2022RestatedAnnual report
「The Company is working to supply safe products by reviewing quality standards for procurement and strengthening quality inspections. However, since there can be no absolute guarantee that serious defects will not occur in its products, the Company has product liability insurance. Major product liability claims or product defects leading to a large-scale recall could result in substantial costs and have a significant impact on the reliability and social reputation of the Company’s products, thereby affecting its operating results and financial position.」
The Company describes measures involving stronger quality standards and inspections and product liability insurance, while continuing to disclose the risk of serious defects and recalls. - FY2020MaterialisedAnnual report
「During the fiscal year, the Company recognized as extraordinary losses the estimated ¥21 million in costs associated with returns and replacements of lighting fixtures it sells and an ¥32 million impairment loss on investment securities.」
The Company recognized ¥21 million in costs associated with returns and replacements of lighting fixtures as an extraordinary loss, and product quality and warranty-related incidents continue to occur. - FY2020-Q2MaterialisedAnnual report
「The Company recognized as an extraordinary loss the estimated costs associated with voluntarily recalling some of the lighting fixtures for which it had carried out free repairs and replacements.」
In addition to the previous free repairs and replacements, the Company voluntarily recalled some lighting fixtures and recognized the estimated recall costs as an extraordinary loss. Provision for product warranties was ¥21.882 million. - FY2019-Q3RestatedAnnual report
「Provision for product warranties 51,096」
The Company recognized ¥51.096 million in provision for product warranties as an extraordinary loss for free repairs and replacements of lighting fixtures, continuing to disclose actual measures taken regarding product safety and warranties. - FY2019-Q2MaterialisedAnnual report
「During the second quarter accounting period, the Company recognized an estimated ¥51 million in costs associated with free repairs and replacements of lighting fixtures it sells as an extraordinary loss.」
Free repairs and replacements occurred for lighting fixtures sold by the Company, and the estimated cost of ¥51 million was recognized as an extraordinary loss under provision for product warranties. - FY2018RestatedAnnual report
「In developing the products it provides, the product development and legal departments conduct searches using J-PlatPat in accordance with the “Product Design Preliminary Search Manual.” Where necessary, they also conduct additional searches or consult outside patent attorneys and lawyers, and the Company has established a system for confirming that third-party intellectual property rights are not infringed.」
The Company continues to address intellectual property risks through the Product Design Preliminary Search Manual, J-PlatPat, and consultation with patent attorneys and lawyers. - FY2017MitigatedAnnual report
「The product development and general affairs departments conduct searches using J-PlatPat (the Patent Information Platform) in accordance with the “Product Design Preliminary Search Manual.” Where necessary, they also conduct additional searches or consult outside patent attorneys and lawyers, and the Company has established a system for confirming that third-party intellectual property rights are not infringed.」
As measures addressing product labeling, product safety and intellectual property risks, the Company has established a system comprising a search manual, J-PlatPat and consultation with specialists. - FY2016First statedAnnual report
「If the Company unintentionally infringes a third party’s intellectual property rights in developing products, it may face claims for damages or restrictions on product sales, which could affect its business development and operating results.」
The Company describes measures to comply with the Act against Unjustifiable Premiums and Misleading Representations, the Act on Specified Commercial Transactions, the Product Liability Act, the Unfair Competition Prevention Act and other laws, as well as systems to prevent infringement of intellectual property rights.