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September 04, 2007

Pink Rabbit Goes Red

NOVA reported a group pretax loss of 4.3 billion yen for the April ~ June period. Japan's leading operator of English conversation schools has seen its business hit by revelations of illegal business practices, including false advertising. It was ordered by METI to suspend a portion of its operations for six months. Sales in the April~June period declined by 32% to 9.28 billion yen due to shrinking student enrollment.

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