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Olympus Corporation OCPNY Securities Stock Fraud


Company: Olympus Corporation
Ticker Symbol: OCPNY
Class Period: Nov-7-06 to Nov-7-11
Date Filed: Nov-14-11
Lead Plaintiff Deadline: Jan-13-12
Court: Eastern District of Pennsylvania
Allegations:
New York, NY: A securities class action lawsuit has been filed in the United States District Court for the Eastern District of Pennsylvania, against Olympus Corporation ("Olympus") (pinksheets:OCPNY) (pinksheets:OCPNF).

The action is brought on behalf of purchasers of Olympus American Depository Receipts (pinksheets:OCPNY) (pinksheets:OCPNF) between November 7, 2006 and November 7, 2011, inclusive (the "Class Period"). The Complaint asserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act, 15 U.S.C. Sections 78j(b) and 78t(a); and SEC Rule 10b-5 promulgated thereunder, 17 C.F.R. Section 240.10b-5. Olympus and certain of its directors and officers are named as defendants.

According to the Complaint, Olympus, a Japanese manufacturer of imaging systems, falsely represented its finances for over five years and hid large losses by characterizing them in its financials as "fees" paid to investment advisers for work on corporate acquisitions.

Olympus' false statements and material omissions, according to the Complaint, artificially inflated its stock price and investors suffered heavy losses after Olympus disclosed the truth about its financial statements on November 7, 2011. Investors' American Depository Receipts dropped dramatically from $13.72 on November 7, 2011, the last day of the Class Period, to $9.05 on November 8, 2011, or 34%. 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." Olympus offered its "deepest apologies" to shareholders for the "inconvenience" caused by the fall of its share price. In the U.S., the SEC and FBI are investigating Olympus.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

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Published on Nov-15-11

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