Olympus sued for $273 million over accounting scandal: Digital Photography Review

Olympus sued for $273 million over accounting scandal

Published Apr 10, 2014 | David Schloss

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Archiver

Time to show support for Olympus and buy some more lenses. Well, that's my excuse.

Apr 15, 2014permalink

Aroart

Hope this will make the em1 price drop..lol,,,

Apr 13, 2014permalink

Paul Auclair

Thanks for the heads up DPR.
This usefull reporting information will surely come in handy the next time I wish to review digital photography.

Apr 11, 2014permalink

Sonyshine

Mitsubishi Bank...one of Nikons shareholders.... :))

Apr 11, 2014permalink

Mario G

Is that one company allowed to be both a bank and a heavy industry manufacturer? No wonder they get into these sorts of stuff...

Apr 11, 2014permalink

Ben O Connor

What is the ISO number ? What is the F number? What is the zooming range ?

As a photography enthusiasts, I care these number. Price comes later (however it can stop me to buy something, if its out of my budget.).
I guess here is that kinda web page. Or is it ?

Apr 11, 2014permalink

AlexRuiz

It's very simple really. Try this method:
1. Read the title of the news article
2. If the topic is of interest, continue on to read full article
3. If the topic seems unrelated or unlikely to offer answers one is looking for, move on

Apr 11, 2014permalink

Corkcampbell

When did State Street become Japanese?

Apr 11, 2014permalink

Revenant

It isn't, but it's an international company with branches in many countries, Japan being one of them.

Apr 11, 2014permalink

Corkcampbell

I am well aware of that; I have investments with them. My point was that the narrative above is in error (which may have come from the Reuters original post).

Apr 11, 2014permalink

Eamon Hickey

Actually, the Japanese "branch" of State Street must certainly be a separate Japanese company. Of course, its shares may all be owned by the U.S. parent company (but maybe not). I think it's a little bit of a squishy definitional issue, and I wouldn't say that Reuters is flat out wrong.

Apr 11, 2014permalink

Revenant

Yes, surely the Japanese branch, or subsidiary, is a Japanese company, at least in the sense that it's registered in and operates in Japan. I don't think the parent company is sueing Olympus; it's the subsidiary in Japan.

Apr 11, 2014permalink

harrisoncac

That's why the prices of Olympus cameras ans lenses are so ridiculously high.

Apr 11, 2014permalink

Couscousdelight

Wow, 273 million dollars... It's more than twice the price of Pentax acquired by Ricoh.. (128 million $]

Apr 11, 2014permalink

Digitall

If Olympus rip-off the banking system or financial system, the same system skinned us alive. And we are happy, and life goes on...

Apr 11, 2014permalink

AlexRuiz

So by your definition, everything is cool? One can engage in criminal activity, as long as one can point out someone else committed a similar crime before?

Apr 11, 2014permalink

Digitall

I forgot to put the sarcasm in brackets. Sorry.

Apr 16, 2014permalink

ryan2007

Ha ha ha, Panasonic MFT's, told ya so.

Apr 11, 2014permalink

0MitchAG

Apr 11, 2014permalink

Donnie G

Looks like those banks expect Olympus to commit Seppuku with a plastic spork (combination spoon/fork).

Apr 11, 2014permalink

G G

It's sort of interesting to see banks sue a company that makes somethings for once doing what they always do themselves: money out of nothing.

Apr 11, 2014permalink

brycesteiner

Olympus must have the money the banks want in on it.
I wonder if I could sue too? There probably won't be any money after the bloodsucking attorneys and banks get through with them. How about at a new E-M1 instead or at the least an E-M10 :)

Apr 11, 2014permalink

Michel F

It's amazing how Olympus manages to survive.

Apr 11, 2014permalink

jim stirling

Olympus are world leaders in medical imaging and it is this taht has allowed the survival of a poorly performing camera division

Apr 11, 2014permalink

Edmond Leung

I never buy any product from a company without trust.

Apr 11, 2014permalink

Ben Ramsey

I know it may sound cynical, but I can't imagine from what company you purchase then.

Apr 11, 2014permalink

Artpt

To add, a corporation's trust is only as convenient as its options.

Many photographers covet their gear and assume the same from their counter-party. That is honorable, but much too long term for today's economy.

Apr 11, 2014permalink

REDred Photo

I don't understand what the banks are suing for... are they after the money that was originally invested or the imaginary profits they never received?

Apr 11, 2014permalink

Doug Janis

Olympus issued false prospectus's and annual reports upon which investing and lending was done. They falsified information and when caught, Olympus share price and bonds fell, both of which were collateral for money lent.

This was likely a breach of the investment contacts between Olympus and the banks and now the banks seek to recoup their losses suffered by their shareholders at the expense of Olympus shareholders (and, likely, customers). Right now Olympus has a very, very poor credit profile.

Apr 11, 2014permalink

RichRMA

Banks, upset at business malfeasance. That's a good one, since we just went through a near-depression thanks to their "flamboyant" business practices.

Apr 10, 2014permalink

Raist3d

So it completely justifies further fraud by a capitalist company. Right?

Apr 11, 2014permalink

reginalddwight

Just as how the Olympus tobashi scheme occurred over at least a two decade time frame, so will the backlash from those gravely affected financially.

One wonders how Olympus can gain profitability and trust again from major investors.

Apr 10, 2014permalink

Horshack

I wonder if the banks will accept $50 vouchers toward the purchase of an Olympus product in lieu of the $273 million, esp now that Olympus has released a workaround for shutter shock on the E-M1.

Apr 10, 2014permalink

AbrasiveReducer

As the attorneys know, there is more money in colonoscopes than cameras, both figuratively and literally.

Apr 10, 2014permalink

Justtimthen

Wot! banks crying foul!? Greedy gits. Cant stand banks especially when they are going after my favorite Camara maker, Booo

Apr 10, 2014permalink

sunhorse

Banks have small and large investors, and so does Olympus. All of those investors were defrauded by "tobashi" (http://en.wikipedia.org/wiki/Tobashi_scheme). It's not so neat and simple or pleasant when you understand that ordinary people lost their investments too.

Apr 12, 2014permalink

M J Valentine

Full frame litigation would involve four times the value of this claim. However, the particulars of claim would be half as thin and read with an air of superiority.

Apr 10, 2014permalink

agentul

are you sure you are calculating the equivalency correctly? the thickness of the particulars remains constant (particulars = particulars = particulars), but the font will be half as large, so they would be printed on half the number of pages.

Apr 10, 2014permalink

Mario G

Ahh, people never learn to calculate equivalencies correctly... yes the font will be half as large, but the number of pages will stay the same, they will just become a quarter of the size (so what you actually halve is the diagonal, and then there is also the change in the aspect ratio).

Apr 11, 2014permalink

agentul

oh noes, the m4/3 system is doomed as every olympus camera will cease to function as of tomorrow. you see, people, this is what happens to companies who refuse to use the sony FF sensors.
come to think of it, isn't this claim only equivalent to $136.5 million for companies that have FF systems?

Apr 10, 2014permalink

arrr

Ouch!

Apr 10, 2014permalink

agentul

looks like another case of "statement shock". they should have issued their financial reports on a tripod with the stabilization turned off.

Apr 10, 2014permalink

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