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The share value of digital Camera Company Olympus has plunged overnight after losing 44% in two days. Now the Tokyo Stock Exchange is looking at delisting the Japanese Company who has confessed to a decades-long coverup of huge investment losses.
The share value of digital Camera Company Olympus has plunged overnight after losing 44% in two days. Now the Tokyo Stock Exchange is looking at delisting the Japanese Company who has confessed to a decades-long coverup of huge investment losses.
The crunch for Olympus could come next week when the Company must post their results for the quarter ended Sept. 30.
Senior executives who ran the Company during the 1990’s are now being blamed for the Companies problems with current management attempting to to clean up its books with four questionable acquisitions made between 2006 and 2008.
Olympus already has lost three-fourths of its market value since British Chief Executive Michael Woodford was dumped after questioning irregularities in the Companies accounts and recent aquisitions.
The Wall street Journal reported “If shareholders are permanently damaged because of the delisting, that won’t be a positive development for investing in Japan,” said Josh Shores, a principal at Southeastern Asset Management who is Olympus’s second-biggest shareholder.
Olympus President Shuichi Takayama said the company aims to meet the Monday deadline. “We will do our utmost to avoid delisting,” he said.
