Olympus extraordinary loss - 4.36bn Yen

Discussion in 'Olympus Cameras' started by pdk42, Jan 6, 2015.

  1. pdk42

    pdk42 One of the "Eh?" team

    Jan 11, 2013
    Leamington Spa, UK
    Spotted this on the Oly site. Posted on Dec 26th:

    An institutional investor has sought compensation from the Company for damages due to the false statements made
    in its securities reports, semi-annual reports and quarterly reports for the period from the fiscal year ended March 31,
    2001 to the first quarter of the fiscal year ended March 31, 2012 to defer the recognition of losses in the past. As a
    result of subsequent negotiations with the investor, we today reached a settlement and agreed that the Company would
    pay ¥4.36 billion to the investor as compensation for damages and the investor would dismiss any other claims
    regarding said false statements.

    I think 4.36bn Yen is about $36m. Gulp! Still, I guess it draws a line under this whole unfortunate episode in Oly's history.
    • Like Like x 1
  2. cptobvious

    cptobvious Mu-43 Veteran

    Jan 8, 2013
    As far as I know, there is still a pending lawsuit by six banks against Olympus, and they are seeking a lot more (almost 28 billion yen). This settlement only refers to a single institutional investor, which makes me believe this was a separate lawsuit.
    • Like Like x 1