Netcapital Inc. filed an 8-K on August 12, 2026, announcing the immediate resignation of its independent auditor, Fruci & Associates II, PLLC, due to SEC Litigation Release No. 26607 and a related civil complaint alleging approximately $13.9 million in improper consulting revenue recognition from October 2021 through January 2024. The company declared non-reliance on previously issued financial statements for fiscal years ended April 30, 2022 through 2025, and various interim quarters, pending evaluation of required restatement adjustments. Netcapital operates in the fintech industry, providing equity crowdfunding and investment management services.
