Rigrodsky & Long, P.A. Announces Class Action Lawsuit Against Olympus Corporation
November 16 2011 - 1:24PM
Business Wire
Rigrodsky & Long, P.A. announces that a class action lawsuit
has been filed in the United States District Court for the Eastern
District of Pennsylvania on behalf of all persons or entities who
purchased or otherwise acquired the American Depository Receipts
(“ADRs”) of Olympus Corporation (“Olympus” or the “Company”) (Pink
Sheets: OCPNY.PK) between November 7, 2006 and November 7, 2011,
inclusive (the “Class Period”), alleging violations of the
Securities Exchange Act of 1934 (the “Complaint”).
If you wish to discuss this action or have any questions
concerning this notice or your rights or interests, please contact
Timothy J. MacFall, Esquire or Noah R. Wortman, Case Development
Director of Rigrodsky & Long, P.A., 919 North Market Street,
Suite 980 Wilmington, Delaware, 19801 at (888) 969-4242, by e-mail
to info@rigrodskylong.com, or at:
http://investigations.rigrodskylong.com/olympus-corporation-ocpny/.
Olympus engages in the manufacture and sale of precision
machineries and instruments worldwide, including, but not limited
to: imaging systems, medical systems, life science systems, and
information and communication systems.
The Complaint names Olympus and certain of the Company’s current
and former directors and officers as defendants. The Complaint
alleges that during the Class Period, Olympus intentionally hid
losses incurred by the Company and falsely represented such losses
in the form of inflated fees. Specifically, it is alleged that the
Company engaged in a scheme to hide and defer unrealized losses on
investments made since the 1990s by making inflated payments for
acquisitions and advisor fees and stock buy backs, such that
Olympus’ financial disclosures for the years ending 2005 through
2011 were materially false and misleading. The fraudulent
accounting was revealed to the markets when Olympus’ Chief
Executive Officer was fired after demanding a full inquiry into the
payments.
As a result of the foregoing revelations, Olympus is now being
investigated by both the Japanese and American authorities.
Moreover, in reaction to the foregoing news, on November 8, 2011,
Olympus’ ADRs fell more than 34% to close at $9.05 per ADR from its
close of $13.72 per ADR on November 7, 2011.
If you wish to serve as lead plaintiff, you must move the Court
no later than January 13, 2012. A lead plaintiff is a
representative party acting 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. Your ability to share in any
recovery is not, however, affected by the decision whether or not
to serve as a lead plaintiff. Any member of the proposed class may
move the court to serve as lead plaintiff through counsel of their
choice, or may choose to do nothing and remain an absent class
member.
While Rigrodsky & Long, P.A. did not file the Complaint in
this matter, the firm, with offices in Wilmington, Delaware and
Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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