Arab Today, arab today olympus pays us investors 26m over accounting scandal
Last Updated : GMT 19:53:22
Arab Today, arab today
Arab Today, arab today

Olympus pays US investors $2.6m over accounting scandal

Arab Today, arab today

Arab Today, arab today Olympus pays US investors $2.6m over accounting scandal

Tokyo - AFP

Japanese camera giant Olympus said Friday it has agreed to pay $2.6 million to settle a US investor lawsuit stemming from a huge accounting scandal that hammered its shares. The claim was filed two years ago by an investor who claimed that a loss cover-up by Olympus executives was responsible for its plunging stock price. The scandal also battered the country\'s corporate governance image, and sparked probes by regulators in Japan, Britain and the United States. Olympus stock dived in the wake of the scandal, but is now about 25 percent higher than before the loss cover-up was exposed. The firm\'s Tokyo-listed shares closed 1.60 percent lower to 3,060 yen on Thursday. The US investors who sued the company bought American Depositary Receipts, which hold shares in a foreign company but are priced in US dollars. Olympus said Friday it was embroiled in about 20 other lawsuits in Japan and overseas that had yet to be settled. The company reportedly agreed to pay its whistleblowing chief Michael Woodford 10 million pounds ($16 million) in a wrongful-dismissal lawsuit. Woodford, the company\'s first foreign leader, exposed the scheme in late 2011 after he was sacked for questioning the firm\'s past conduct. Earlier this month, Britain\'s Serious Fraud Office said it would prosecute Olympus and a subsidiary over the huge loss cover-up scandal. In July, a Japanese court handed suspended jail sentences to three former Olympus executives for engineering the scheme to hide about $1.7 billion in losses that had accumulated since the 1990s by using outsized consulting fees and buying unrelated companies. The firm has also been slapped with millions of dollars in penalties issued by the courts and regulators. Olympus has since undergone a major overhaul that included cutting about seven percent of its workforce and forging a capital tie-up with electronics giant Sony, which is seeking to tap the lucrative medical equipment market. Although better known as a camera maker, Olympus is a world leader in medical endoscopes.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today olympus pays us investors 26m over accounting scandal Arab Today, arab today olympus pays us investors 26m over accounting scandal

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Egyptian tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Egyptian tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 12:25 2017 Thursday ,23 February

Bharti Airtel buys Telenor's India operations

GMT 10:47 2017 Thursday ,23 February

Saudi Aramco may offer discounted shares to citizens

GMT 06:25 2017 Thursday ,23 February

Bupa Arabia sponsors SMEA forum

GMT 06:11 2017 Thursday ,23 February

Football: Turkish company wins Qatar World Cup contract

GMT 05:46 2017 Thursday ,23 February

SABIC net profits fall in 2016

GMT 21:01 2017 Wednesday ,22 February

Saudi Aramco mulls offering citizens discounted shares
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday