CASES
Olympus Corporation
Class Period: Nov 11, 2006 to Nov 11, 2011
Lead Plaintiff Deadline: Jan 13, 2012 + Deadline passed
Summary of Case:
A securities class action has been filed against Olympus Corporation ("Olympus") on behalf of purchasers of Olympus American Depository Receipts between November 07, 2006 and November 07, 2011. This case has been filed in the USDC - Pennsylvania (Eastern).
The Complaint alleges that, Olympus, a Japanese manufacturer of imaging systems, falsely represented its finances for over five years and hid large losses by characterizing them in its financials as "fees" paid to investment advisers for work on corporate acquisitions. Olympus' false statements and material omissions, according to the Complaint, artificially inflated its stock price and investors suffered heavy losses after Olympus disclosed the truth about its financial statements on November 7, 2011. Investors' American Depository Receipts dropped dramatically from $13.72 on November 7, 2011, the last day of the Class Period, to $9.05 on November 8, 2011, or 34%. Olympus' top executives resigned in what has become a financial scandal in Japan. Recently, on its webpage, Olympus admitted discovering that it had been wrongfully "engaging in activities such as deferring the posting of losses on investment securities." Olympus offered its "deepest apologies" to shareholders for the "inconvenience" caused by the fall of its share price. In the U.S., the SEC and FBI are investigating Olympus.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.