Olympus Loss Concealment Problem Extraordinary General Meeting of Shareholders to be held in March

December 15, 2011, Tokyo, Japan - Shuichi Takayama, president of Japan's Olympus Corp., bows before leaving a news conference in Tokyo on Thursday, December 15, 2011. Takayama said the scandal-hit company would aim to hold an extraordinary shareholder meeting in March or April in the wake of demands by foreign investors to overhaul management following the discovery of an accounting fraud. Takayama said the scandal-hit company would aim to hold an extraordinary shareholder meeting in March or April in the wake of demands by foreign investors to overhaul management following the discovery of an accounting fraud. The 92-year-old camera and endoscope maker submitted its overdue revised earnings statement to the Financial Services Agency three hours before the The 92-year-old camera and endoscope maker submitted its overdue revised earnings statement to the Financial Services Agency three hours before the deadline Wednesday to avoid being axed from the Tokyo Stock Exchange. for the April to September quarter, the company booked a net loss of $413 million For the April to September quarter, the company booked a net loss of $413 million against a year-earlier profit of $38 million due mainly to one-time losses caused by market deterioration, Thai floods and a decline in the book value of its business assets. Olympus delayed the filing pending the findings of an independent investigation into schemes that used inflated payments for acquisitions to hide about $1.5 billion in net loss of $413 million against a yearearlier profit of $38 million due mainly to one-time losses caused by market deterioration, Thai floods and a decline in the book value of its business assets. Olympus delayed the filing pending the findings of an independent investigation into schemes that used inflated payments for acquisitions to hide about $1.5 billion in losses from the 1990s. (Photo by Natsuki Sakai/AFLO) [3615] -mis-