A class action lawsuit has been filed in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of Olympus Corporation (Pinksheets: OCPNY.PK) American Depository Receipts ("ADRs") between November 7, 2006 and November 7, 2011, inclusive (the "Class Period").
The Complaint charges that Olympus, a Japanese manufacturer of imaging systems, and certain of its officers and directors violated federal securities laws. Specifically, Olympus failed to disclose that the Company had engaged in a scheme to hide and defer unrealized losses on investments made since the 1990s by making inflated payments for acquisitions, advisor fees and stock buy backs in connection therewith such that the Company's financial disclosures for the years ending 2005 through 2011 were materially false and misleading.
On November 7, 2011, Olympus disclosed the truth about its financial statements and the Company's ADRs fell 34% from $13.72 on November 7, 2011 to $9.05 on November 8, 2011. 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." The SEC and FBI are currently investigating Olympus.
If you are a current shareholder and /or purchased during the class period between November 7, 2006 and November 7, 2011 and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.