NEW YORK, NY -- (Marketwire) -- 11/14/11 -- The law firm of Sarraf Gentile LLP has filed a class action lawsuit 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. §§ 78j(b) and 78t(a); and SEC Rule 10b-5 promulgated thereunder, 17 C.F.R. § 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 purchased Olympus American Depository Receipts (PINKSHEETS: OCPNY) (PINKSHEETS: OCPNF) during the Class Period, you have 60 days from today to ask the Court to appoint you as Lead Plaintiff, a representative of the proposed class. If you want to discuss your legal rights, at no cost and without obligation, please contact Joseph Gentile at Sarraf Gentile LLP (Telephone: 212-868-3610; E-mail: firstname.lastname@example.org).
Sarraf Gentile LLP has extensive experience litigating shareholder actions across the United States. The firm has recovered millions of dollars on behalf of injured shareholders.
Joseph Gentile, Esq.
SARRAF GENTILE LLP
450 Seventh Avenue, Suite 1900
New York, NY 10123