Faruqi & Faruqi, LLP Announces Investigation of Olympus Corporation
24 November 2011 - 11:00AM
Business Wire
Faruqi & Faruqi, LLP, a leading national securities firm, is
investigating potential securities fraud at Olympus Corporation
(“Olympus” or the “Company”) (OTC: OCPNY.PK).
The investigation focuses on the Company’s admission that it hid
investment losses since the 1990’s by falsely characterizing these
investment losses as fees paid to various corporate advisors. In
2008, for example, Olympus paid a $687 million advisory fee on its
$2.2 billion purchase of British company Gyrus. Advisory fees in
similar transactions typically amount to two percent of the overall
transaction cost.
Request more information now by clicking here:
www.faruqilaw.com/OCPNY.
On October 14, 2011, Michael C. Woodford was fired as president
and CEO of Olympus, a mere two weeks after being appointed, for
questioning the Company’s excessive advisory fees in the Gyrus
deal. On November 8, 2011, Olympus admitted that it hid investment
losses by, among other things, characterizing the losses as fees
paid to its Gyrus transaction advisers. Once the Company disclosed
the truth regarding its financial statements, Olympus’ American
Depository Receipts (“ADRs”) dropped from a close of $13.72 per
share on November 7, 2011 to $9.05 per share on November 8, 2011,
representing a 34% single-day decline. Since then, Olympus has
become the target of investigations by the United States Securities
Exchange Commission, the Federal Bureau of Investigations, and
numerous overseas regulatory and investigative bodies.
Take Action
If you purchased Olympus ADRs between November 7, 2006 and
November 7, 2011 and would like to discuss your legal rights, visit
www.faruqilaw.com/OCPNY. You can also contact us by calling Richard
Gonnello or Francis McConville toll free at 877-247-4292 or at
212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com or
fmcconville@faruqilaw.com. Faruqi & Faruqi, LLP also encourages
anyone with information regarding Olympus’ conduct to contact the
firm, including whistleblowers, former employees, shareholders and
others.
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advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com).
Prior results do not guarantee or predict a similar outcome with
respect to any future matter. We welcome the opportunity to discuss
your particular case. All communications will be treated in a
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