Tag Archives: Olympus sues current and former execs

Olympus sues current and former executives over accounting fraud

Japan’s disgraced Olympus Corp is suing 19 current and former executives, including its current president, for up to almost $50 million in compensation, as it struggles to recover from one of the nation’s worst accounting scandals.

The maker of cameras and medical equipment said on Tuesday all board members subject to the lawsuit would quit in March or April, leaving it in the extraordinary position for now of continuing with several directors it is suing for mismanagement.

The company’s share price, however, surged nearly 30 percent on the news, with investors looking forward to the eventual renewal of the board and to Olympus finally drawing a line under a $1.7 billion accounting fraud.

Read the rest of the story: Japan’s Olympus sues current, former execs over accounting fraud.