Olympus stocks down on lawsuits news

The share price of Japanese camera company Olympus has fallen after the company was the target of a number of major lawsuits relating to accountancy fraud.

In total, six banks are seeking a total of 28 billion yen (£164 million) in compensation, which they claim is owed because of false financial statements filed by the firm between 2000 and 2011.

Among the banks suing the company are Mitsubishi UFJ Trust and Banking, the Nomura Trust, and State Street Trust.

Olympus shareholders have already been hit hard by the accountancy fraud cause, as the firm lost around 80 per cent of its value following the revelations.

"This is just a reminder to the market of the contingent risk associated with the past of Olympus," said Claudio Aritomi, a Tokyo-based analyst at Macquarie Group, told Bloomberg.

"There was always the risk there could be more coming."

Shares in Olympus fell by almost five per cent yesterday (April 8th) following the lawsuits news.

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