Harwood Feffer LLP Announces Class Action Lawsuit Against Olympus Corporation
November 16 2011 - 10:37AM
Business Wire
Harwood Feffer LLP (www.hfesq.com)
announces that a class action suit was filed on November 14, 2011
in the United States District Court for the Eastern District of
Pennsylvania against Olympus Corp. (“Olympus” or the “Company”)
(Pink Sheets: OCPNY) on behalf of all purchasers of the Company’s
American Depository Receipts (“ADRs”) between 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.
For years, Olympus, a Japanese company, falsely represented its
finances and hid large investment losses by disguising them as
hundreds of millions of dollars in fees paid to now-defunct
investment advisers in connection with certain acquisitions. The
fraudulent accounting was revealed to the markets when Olympus’ CEO
was fired after demanding a full inquiry into the payments.
The per share value of the Olympus ADRs dropped from a class
period high of $35.00 to a closing price of $5.95 on November 10,
2011. Olympus recently admitted to wrongfully “engaging in
activities such as deferring the posting of losses on investment
securities.” In the U.S., the SEC and FBI are investigating
Olympus.
Harwood Feffer is investigating these claims. If you purchased
Olympus ADRs during the Class Period and either lost money or still
hold your shares, you have until the January 13, 2012 to ask the
Court to appoint you lead plaintiff for the class. If you wish to
discuss this matter with us, or have any questions concerning your
rights and interests with regard to this matter, please
contact:
Robert I. Harwood, Esq. Peter W. Overs, Jr., Esq. Benjamin
Sachs-Michaels Harwood Feffer LLP 488 Madison Avenue New York, New
York 10022 Phone Numbers: (877) 935-7400 (212)935-7400
Email: bsachsmichaels@hfesq.com
Website: http://www.hfesq.com
Harwood Feffer has been representing individual and
institutional investors for many years, serving as lead counsel in
numerous cases in federal and state courts. Please visit the
Harwood Feffer LLP website (http://www.hfesq.com) for more
information about the firm.
Attorney Advertising. © 2011 Harwood Feffer LLP. The law firm
responsible for this advertisement is Harwood Feffer LLP
(www.hfesq.com). Prior results do not guarantee or predict a
similar outcome with respect to any future matter.
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