The Medical Device Business Journal — Medical Device News & Articles | MassDevice
Olympus Corp.’s (TYO:7733) re-stated finances for the past 5 years include a $1.1 billion hit from its 13-year scheme to hide investment losses with specious M&A consulting fees.
The endoscopy giant made the filings with Japanese regulators after being caught red-handed cooking its books to hide the fees, just avoiding a de-listing from the Tokyo stock exchange but fueling rumors that it will need to merge, sell a division or two or raise some cash to keep itself alive.
Olympus Corp.’s (TYO:7733) former CEO Michael Woodford returns to Japan this week to meet with government officials and company shareholders to push for reform in corporate board rooms.
The ousted executive has been a busy man lately, speaking with authorities in Japan, the U.S. and the U.K. about the scandal. Olympus has admitted to using mergers and acquisitions to conceal billions of dollars of investment losses. In one case the company shelled out $687 million in fees to dummy consulting firms.
The Japanese arm of auditing firm Ernst & Young is setting up an external review panel to determine how it and previous auditor KPMH could have missed Olympus Corp.’s (TYO:7733) $1.7 billion accounting scam.
Ernst & Young, which took over as auditor for the Tokyo-based technology giant in 2009, said that while it conducted an internal review of the audits and found no problems, it decided to solicit an external expert in light of the case’s public attention.
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The "yes men" at Olympus Corp. (TYO:7733) who permitted a decade-long scheme to hide billions in losses should all be fired, according to an independent panel’s probe of the affair.
Three former chairmen a trio of erstwhile aides were "rotten to the core," according to the panel’s report, which advocates that others "involved in the fraudulent accounting one way or the other, and auditors who did nothing when the auditing firm pointed out the issues should be fully eliminated."
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Abiomed (NSDQ:ABMD) shares hit $20.25 apiece yesterday, their highest mark in 52 weeks, as the company touted more positive study results for its flagship Impella heart pump.
ABMD shares closed yesterday at $20.14, up 6.2 percent on a day of widespread gains on Wall Street. The Dow Jones Industrial Average gained 4.2 percent yesterday, the S&P 500 closed up 4.3 percent and the Dow Jones medical device index rose 4.8 percent.
Michael Woodford, the former CEO of endoscopy giant Olympus Corp. (TYO:7733) fired for blowing the whistle on a massive accounting scandal, resigned his seat on the board and called for the wholesale ouster of his former colleagues
Woodford has been a busy man lately, speaking with authorities in Japan, the U.S. and the U.K. about the scandal. Olympus has admitted to using mergers and acquisitions to conceal billions of dollars of investment losses. In one case the company shelled out $687 million in fees to dummy consulting firms.
Olympus Corp. (TYO:7733) plans to examine its corporate structure as it struggles to keep its head above water amid an accounting scandal that’s slashed more than half the value from its stock price in six short weeks.
In an internal memo obtained and confirmed by Reuters, the Japanese endoscopy giant said it will review its organization and its corporate governance rules after admitting to hiding hundreds of millions of losses.
Say hello to MassDevice +3, a bite-sized view of the top three med-tech stories of the day. This latest feature of MassDevice.com’s coverage highlights our three biggest and most influential stories from the day’s news to make sure you’re up to date on the headlines that continue to shape the medical device industry.
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Akio Nakagawa, a key figure from Olympus Corp.’s (TYO:7733) acquisition fee scandal was found in Hong Kong yesterday by the Reuters news agency.
The Japanese banker, whose company received an unprecedented $687 million payout during the Tokyo-based technology giant’s $2.2 billion acquisition of the Gyrus Group in 2008, was found living in a luxury high-rise near Hong Kong’s financial district.
