Olympus Recognizes $1B Loss To Avoid Stock Delisting

Law360, New York (December 14, 2011, 1:23 PM EST) -- Embattled Japanese camera and medical device maker Olympus Corp. submitted revised earnings Wednesday reflecting the roughly $1.1 billion in losses it hid for more than a decade, just meeting a deadline to keep its stock listed on the Tokyo Stock Exchange.

The financial statements cover the past five years and acknowledge that the company concealed massive losses through a series of sham transactions. The Tokyo Stock Exchange had threatened to delist the 92-year-old company if it didn't deliver the restated financials by Wednesday.

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