Olympus Announces it's Facing a 6.6 Billion Yen Lawsuit

olympus-logo.jpgIn an announcement today, Olympus confirms that it faces a 6.6 billion yen (approximately $84 Million US Dollars) lawsuit from Terumo, a provider of Japanese Medical Equipment over lost shareholder value. See the Olympus statement about the Lawsuit by clicking here.

Only last week, Terumo announced a proposal to invest 50 billion yen (approximately $640 million) in Olympus, in an apparent effort bid to get the support of shareholders in it's effort to fend off rival offers from Sony Corporation and Fujifilm, as Olympus seeks investments from other companies to inject money in return for a percentage in the Company.

Since former Olympus CEO Michael Woodford announced accounting inconsistencies last October, Olympus shares have fallen approximately 44 percent, tumbling 6.8% today alone after the announcement of a lawsuit filed by Terumu.

Bloomberg recently quoted Olympus Chairman Yasuyuki Kimoto as saying in a July 23 interview, "We understand DOJ is trying to gather lots of information on us.". So, the speculation is that the Olympus U.S. Unit may be part of a wider industry probe, too.

(via Reuters)