Bernstein Liebhard: Filed Lawsuit On Behalf Of US Investors In Olympus ADRs
16 November 2011 - 1:49PM
Dow Jones News
New York-based law firm Bernstein Liebhard LLP said Wednesday
that it has filed a lawsuit on behalf of U.S. investors in Olympus
Corp. (7733.TO) American Depository Receipts, after the Japanese
maker of cameras and optical equipment recently admitted to a
decades-long coverup of investment losses.
According to the complaint filed in the U.S. District Court for
the Eastern District of Pennsylvania, investors suffered heavy
losses from a sharp drop in the price of the ADRs following
Olympus's disclosure last week of hidden losses dating back to the
1990s.
Bernstein is representing investors who bought Olympus ADRs
between the period of Nov. 7, 2006 and Nov. 7, 2011.
"Plantiffs allege violations of the Securities Exchange Act of
1934 against Olympus and several individual defendants," Bernstein
said in a statement.
Olympus said Wednesday it could not immediately confirm whether
it had received notification of the lawsuit.
-By Kana Inagaki, Dow Jones Newswires; 813-6269-2795;
kana.inagaki@dowjones.com
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