Olympus Faces Further Lawsuits Related To Previous Misadventures


On April 7, a lawsuit was filed against Olympus six trust banks, seeking compensation for alleged damages, totalling approximately JPY27.9bn (USD274.7mn).

The lawsuit cites Articles 709 and 715 of the Civil Code, Article 350 of the Companies Act and Paragraph 1 of Article 21-2 of the Financial Instruments and Exchange Act, resulting from Olympus' previous false statements for the purpose of deferring record of losses in the annual securities reports, semi-annual reports and quarterly reports for the periods from FY2000 to FY11.

The impact of this lawsuit to Olympus' results of operation is unknown at this stage, due to the difficulty in reasonable calculation.

This article is tagged to:
Sector: Medical Devices
Geography: Japan