The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of Olympus Corporation American Depository Receipts ("ADRs") between November 7, 2006 and November 7, 2011, inclusive.
The Complaint charges that Olympus, a Japanese manufacturer of imaging systems, and certain of its officers and directors violated federal securities laws. Specifically, Olympus failed to disclose that the Company had engaged in a scheme to hide and defer unrealized losses on investments made since the 1990s by making inflated payments for acquisitions, advisor fees and stock buy backs in connection therewith such that the Company's financial disclosures for the years ending 2005 through 2011 were materially false and misleading.
On November 7, 2011, Olympus disclosed the truth about its financial statements and the Company's ADRs fell 34% from $13.72 on November 7, 2011 to $9.05 on November 8, 2011. Olympus' top executives resigned in what has become a financial scandal in Japan. Recently, on its webpage, Olympus admitted discovering that it had been wrongfully "engaging in activities such as deferring the posting of losses on investment securities." The SEC and FBI are currently investigating Olympus.
If you are a member of the class, you may, no later than January 13, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/olympus, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com.
For more information about class action cases in general, please visit our website: www.izardnobel.com.
