Tokyo court convicts two former Alt executives of window dressing; company fined ¥300 million ($1.89 million)

Former executive officer Katsuya Asai, 46, and former treasury and accounting division chief Takayuki Ariizumi, 53, were found guilty of window dressing in violation of the financial instruments and exchange law. Both received three-year suspended sentences. The Tokyo District Court ruled that fictitious sales reached about ¥11 billion in total.

Asai and Ariizumi conspired with two former presidents to submit inflated securities reports: sales were overstated by about ¥8.4 billion between January 2022 and June 2024, and by about ¥4.9 billion for 2024 after the company's October 2024 listing on the Tokyo Stock Exchange's Growth section.

Alt was delisted in August 2025 following the start of its civil rehabilitation procedures, after the accounting fraud became public. Judge Shoji Miyata stated that 'the impact the malpractice has had on the stock market was huge' and that the company 'achieved a stock listing that should not have been approved.'