Olympus Still Aiming To Release Earnings, Remain Listed
TOKYO, Nov. 30 (Kyodo) — Scandal-mired Olympus Corp. said Wednesday it still aims to release its April to September earnings report by the Dec. 14 deadline in order to remain listed.
"The company intends to file the quarterly report by Dec. 14, 2011, and is continuing its preparations in that regard" to remain listed on the Tokyo Stock Exchange, the camera and optical equipment maker said in a statement.
Olympus had planned to release its earnings report for the first half of the current business year by Nov. 14, but it failed to do so to wait for the outcome of a probe by an Olympus-appointed third-party panel on the company's coverup of past investment losses.
The failure prompted the Tokyo bourse to put Olympus on a watch list to remind investors of its delisting unless the firm presents the financial results to the Finance Bureau of the Ministry of Finance by Dec. 14 as stipulated by law.
The third party is due to compile its final report in early December.
Even if Olympus announces its financial results by the deadline, it will still face the risk of being delisted as the TSE is examining whether the stock meets delisting standards, including whether the company's financial reports included major misstatements.