Bernstein Liebhard LLP Announces Filing of a Class Action Against Olympus Corporation
November 15 2011 - 6:19PM
Business Wire
Bernstein Liebhard LLP today announced that a lawsuit has been
filed in the United States District Court for the Eastern District
of Pennsylvania on behalf of a class (the “Class”) of investors who
purchased Olympus Corporation (“Olympus” or the “Company”) (Pink
Sheets: OCPNY) American Depository Receipts (“ADRs”) between the
period of November 7, 2006 and November 7, 2011 (the “Class
Period”). Plaintiffs allege violations of the Securities Exchange
Act of 1934 against Olympus and several individual defendants.
According to the Complaint, Olympus, a Japanese manufacturer of
imaging systems, falsely represented its finances for over five
years and hid large losses by characterizing them in its financials
as "fees" paid to investment advisers for work on corporate
acquisitions. Olympus' false statements and material omissions,
according to the Complaint, artificially inflated its stock price
and investors suffered heavy losses after Olympus disclosed the
truth about its financial statements on November 7, 2011.
Investors' American Depository Receipts dropped dramatically from
$13.72 on November 7, 2011, the last day of the Class Period, to
$9.05 on November 8, 2011, or 34%. 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." Olympus offered its "deepest apologies" to
shareholders for the "inconvenience" caused by the fall of its
share price. In the U.S., the SEC and FBI are investigating
Olympus.
Plaintiffs seek to recover damages on behalf of all Class
members who purchased or otherwise acquired Olympus ADRs during the
Class Period. If you purchased or otherwise acquired Olympus ADRs
during the Class Period, and either lost money on the transaction
or still hold the shares, you may wish to join in this action to
serve as lead plaintiff. In order to do so, you must meet certain
requirements set forth in the applicable law and file appropriate
papers no later than January 13, 2012.
A “lead plaintiff” is a representative party that acts on behalf
of other class members in directing the litigation. In order to be
appointed lead plaintiff, the court must determine that the class
member’s claim is typical of the claims of other class members, and
that the class member will adequately represent the class. Under
certain circumstances, one or more class members may together serve
as lead plaintiff. Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as a lead
plaintiff. You may retain Bernstein Liebhard LLP, or other counsel
of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as an Olympus
shareholder and/or have information relating to the matter, please
contact Joseph R. Seidman, Jr. at (877) 779-1414 or
seidman@bernlieb.com.
Bernstein Liebhard has pursued hundreds of securities, consumer
and shareholder rights cases and recovered almost $3 billion for
its clients. It has been named to The National Law Journal’s
“Plaintiffs’ Hot List” in each of the last nine years.
You can obtain a copy of the complaint from the clerk of the
court for the United States District Court for the Eastern District
of Pennsylvania.
Bernstein Liebhard LLP10 East 40th StreetNew York, New York
10016(877) 779-1414www.bernlieb.com
ATTORNEY ADVERTISING. © 2011 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New York 10016, (212) 779-1414. The
lawyer responsible for this advertisement in the State of
Connecticut is Mary U. Hoover. Prior results do not guarantee or
predict a similar outcome with respect to any future matter.
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