A U.s. investor in Olympus wants to be a class action case against the Japanese manufacturer of cameras and medical equipment to beursverliezen as a result of the large fraudeschandaal to compensate.
The American, Lloyd Graham, holds 55 so-called american depository receipts. These are securities in a foreign company. The investor has the case filed in the Eastern District of Pennsylvania, including Allentown, and is the U.s. headquarters of Olympus resides. Graham tries with the lawsuit class action status to achieve, so that multiple investors with securities in Olympus to connect.
In the indictment include Tsuyoshi Kikukawa, and Shuichi Takayama, respectively the former and current president of the company, named as suspects of the large-scale fraud, while former ceo Michael Woodford, who is the fraud to the world made, as a suspect.
Or the class-action status to the case being assigned is still questionable. The amount of american depository receipts makes only about one percent of the total outstanding shares and none of the investors has an interest of more than a million dollars.
Another obstacle is the fact that most of the shares through the stock exchange in Tokyo traded and that recent rechtbankuitspraken make it more difficult for foreign companies and for U.s. courts to-day.
The fraud at Olympus came to light after it was known that the company in the acquisition of Gyrus Group in 2008 687 million dollars worth of consultants fees paid at a total consideration of $ 2.2 billion. Olympus has since the fraud is admitted and says that the tampering with the accounts referred to was to failed investments to mask.
As a result of the fraudeschandaal has the largest investor in Olympus, Nippon Life Insurance, for his share in the company reduced from 8,18% to 5,11%. Despite this decrease, says the investment company that Olympus continues to support it because of “the strong technological base of the company and because of the general interest’.