Summary Box: Olympus meets deadline for revision

0
9

NEW NUMBERS: Olympus Corp. submitted revised earnings reports Wednesday to meet a deadline to avoid being removed from the Tokyo Stock Exchange.

WHY IT WAS NECESSARY: The company is being investigated for dubious accounting. The deception at Olympus, dating back to the 1990s, to hide $1.5 billion in investment losses came to light when its former CEO questioned expensive acquisitions and exorbitant fees for financial advice.

WHAT’S NEXT: The company still risks getting delisted later on because of the accounting scandal. The Tokyo bourse has the final say and is still investigating.