Business & Tech
Olympus Sues Top Execs Over Scandal, Stock Surges
Olympus pursues legal action against 19 executives and board members, including the current president, over $1.2 billion cover-up
According to a New York Times article, has filed a $47 million lawsuit agains its own top executives in the $1.2 billion accounting fraud that rocked the company this past fall. The company, which has its North American headquarters in Center Valley, revealed accounting fraud dating back decades that has cost the company billions of dollars.
The scandal was revealed when recently hired CEO Michael Woodford called in to question company acquisitions. Woodford
Over the course of 13 years, top level executives -- including the current and former president and members of the board of directors -- covered up losses totaling more than $1 billion.
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Olympus stock climbed after the announcement, closing on the Tokyo Stock Exchange up 20 percent from the previous day.
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