Faruqi & Faruqi, LLP Announces Investigation of Olympus Corporation (OCPNY.PK)
Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and enforcement of federal antitrust laws, is investigating potential wrongdoing at Olympus Corporation (“Olympus” or the “Company”) (OTC: OCPNY.PK). Faruqi & Faruqi, LLP seeks to determine whether Olympus violated federal securities laws and shareholder rights in connection with recent governmental inquiries into the Company.
In 2008, Olympus paid a $687 million advisory fee on its $2.2 billion purchase of British company Gyrus (“Gyrus”). Normally, advisory fees for acquisitions amount to just 2 percent of deal values. Then, on October 14, 2011, Michael C. Woodford (“Woodford”) was fired as president and CEO of the Company after questioning the Company’s lavish advisory fees for the Gyrus deal. On October 17, 2011 Woodford met with the U.K. Serious Fraud Office regarding the Company’s acquisitions.
On October 21, 2011, Olympus indicated that it would form an independent committee to investigate past Company acquisitions. On October 27, 2011, Japan’s Securities and Exchange Surveillance Commission announced that it would monitor the findings of Olympus’ independent committee. Moreover, a New York Times article from October 31 described how the U.S. Federal Bureau of Investigation would also be investigating Olympus for fraud.
On November 8, 2011, Olympus admitted that it hid Company losses by paying inflated fees to advisers on the 2008 acquisition of Gyrus. The Tokyo Stock Exchange says it may move Olympus shares to a watch list for possible delisting.
Since information on this scandal began to materialize on October 14, 2011, till November 8 when the Company revealed its wrongdoing, Olympus share price has performed abysmally, collapsing from $31.70 to $9.25.
If you purchased Olympus securities between November 7, 2006 and November 7, 2011, and you would like to discuss your legal rights, contact us by calling Anthony Vozzolo or Richard W. Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Olympus’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.