Olympus Fraud Lawsuit: Losses?



Our law firm is bringing action in Japanese Courts on behalf of US investors with losses in Olympus Corp. (TSE: 7733.T) Due to a recent United States Supreme Court’s ( Morrison v. National Australia Bank) purchasers Olympus common stock – which trades on the Tokyo Stock Exchange –can no longer brings claims in the US.  Therefore, this case is going to be filed in the Japanese courts.

Outrageous Misconduct

Olympus’s Board of Directors fired Michael Woodford President/CEO in October 2011, after he forced an inquiry into Olympus’s acquisitions of dummy companies to hide massive losses.

Olympus stunned the world on November 8 2011 by admitted to a massive accounting cover-up. It admitted that the advisory fees paid in connection with the Gyrus deal and other acquisitions were used to hide steep investment losses that began in approximately 1990. Olympus President, Shuichi Takayama, confessed that “we have conducted extremely improper accounting.” Takayama also said that “our previous statements were in error.” Olympus had purchased British medical device maker Gyrus in 2008.  At issue were the $687.0 million in advisory fees paid to a relatively obscure financial firm in relation to the acquisition. The fees were approximately one-third of the $2.0 billion acquisition price, which is about 30 times higher than normal.

Olympus’s common stock fell 29% Since mid-October 2011 when the allegations first surfaced Olympus stock has lost approximately 50% of its market value.

The accounting scandal may be one of the largest in corporate history, Olympus shares could be de-listed from the Tokyo Stock Exchange. In addition, the Japanese Securities and Exchange Surveillance Commission is said to be investigating along with the U.S. Federal Bureau of Investigation, and the U.S. Securities and Exchange Commission. Olympus has also recently sued several of its officers and directors in Japan.

If you invested in Olympus between October 14, 2010 and November 11, 2011 please call Attorney Bill Kyros at 1-800-934-2921 to discuss your rights.

Kyros Law is a Boston-based law firm with significant experience representing investors in Arbitration recovery, shareholder class actions, shareholder derivative actions, and securities fraud class actions. For info about our law firm please our Kyros Law web site