Olympus Corporation Shareholders Sue Over Bookkeeping Scandal
Published: Nov 18, 2011
It took a month for shareholders of Olympus Corp. (TYO:7733) to file a lawsuit over a bookkeeping scandal that's put the endoscope maker's share price in the cellar. Olympus has admitted to a decades-long scheme to conceal losses using fictitious payments to dummy merger & acquisition consultants. The scandal has cost a series of high-level executives their jobs and pared 6 3.5 percent from Olympus shares since the scandal broke Oct. 14, after the firing of then-CEO ( and current whistleblower) Michael Woodford.