Arab Today, arab today olympus shareholders lodge 29mn
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

Olympus shareholders lodge $2.9mn

Arab Today, arab today

Arab Today, arab today Olympus shareholders lodge $2.9mn

Tokyo - AFP

A group of Japanese shareholders have filed a lawsuit against disgraced Olympus, demanding $2.9 million for investment losses after a huge accounting scandal depressed the firm\'s shares. The 220-million-yen claim was filed Tuesday with the Osaka District Court in western Japan by 38 former and current shareholders, including an institutional investor, their lawyer said in a statement. It is the first damages case against the camera and endoscope maker in connection with the scandal, according to Masaro Kato, who heads the plaintiffs\' legal team. The shareholders in the case bought Olympus stock before November 7, 2011, prior to the firms\' admission it had hidden investment losses, allegations that were first aired by ousted chief executive Michael Woodford in October. Following his sacking, Woodford launched aggressive international media offensives against his former bosses, questioning the firm\'s past acquisition deals and the outsized consultant fees it had paid. His efforts eventually pushed Olympus to admit that a small group of top executives used the overpriced deals to cover up $1.7 billion in losses stemming from bad investments dating back to the 1990s. But the Briton did not win the backing of Japanese institutional investors and gave up his push to lead the company by ousting the board that sacked him. Olympus shares closed at 2,482 on October 13, the day before it said it demoted Woodford, the firm\'s first non-Japanese president, just six months after appointing him and only two weeks after also naming him chief executive. They closed at 1,034 yen on November 7, before Olympus reversed its earlier denial of Woodford\'s allegations and admitted that it had hidden losses. After having plunged to the all-time low of 424 yen on November 11, Olympus closed at 1,288 yen on Tuesday. The legal team was preparing another set of lawsuits against executives and auditors who were responsible for, or failed to detect, the misdeeds. Last week, a single Japanese shareholder sued 14 Olympus board members, demanding that they pay the company 1.34 billion yen for costs resulting from Woodford\'s sacking. Olympus itself has launched legal action against 19 top current and former executives, including six present board members, among them president Shuichi Takayama, after an independent panel found them responsible for the cover-up. An Olympus spokeswoman declined to comment on the latest lawsuit, saying the company had yet to review it.  

arabstoday
arabstoday

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 shareholders lodge 29mn Arab Today, arab today olympus shareholders lodge 29mn

 



Arab Today, arab today

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 shareholders lodge 29mn Arab Today, arab today olympus shareholders lodge 29mn

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
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