Bernstein Liebhard LLP Announces Filing of a Class Action Against Olympus Corporation

NEW YORK--(BUSINESS WIRE)--

Bernstein Liebhard LLP today announced that a lawsuit has been filed in the United States District Court for the Eastern District of Pennsylvania on behalf of a class (the “Class”) of investors who purchased Olympus Corporation (“Olympus” or the “Company”) (Pink Sheets: OCPNY) American Depository Receipts (“ADRs”) between the period of November 7, 2006 and November 7, 2011 (the “Class Period”). Plaintiffs allege violations of the Securities Exchange Act of 1934 against Olympus and several individual 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.

Plaintiffs seek to recover damages on behalf of all Class members who purchased or otherwise acquired Olympus ADRs during the Class Period. If you purchased or otherwise acquired Olympus ADRs during the Class Period, and either lost money on the transaction or still hold the shares, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than January 13, 2012.

A “lead plaintiff” is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.

If you are interested in discussing your rights as an Olympus shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or seidman@bernlieb.com.

Bernstein Liebhard has pursued hundreds of securities, consumer and shareholder rights cases and recovered almost $3 billion for its clients. It has been named to The National Law Journal's “Plaintiffs' Hot List” in each of the last nine years.

You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Eastern District of Pennsylvania.

Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com

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