Netcapital auditor resigns; restates FY22-25 financials amid SEC $13.9M revenue overstatement allegations

Netcapital Inc.

Auditor Fruci & Associates II resigned effective Aug 12, 2026, citing SEC Litigation Release No. 26607.
SEC complaint filed Aug 10, 2026 alleges ~$13.9M overstated consulting revenue from Oct 2021-Jan 2024.
Non-reliance on audited FY2022-2025 and unaudited quarters Oct 2021-Jan 2025; restatement evaluation ongoing.
Fruci's prior reports included going-concern sections; no disagreements on accounting principles noted.

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