TOKYO (TR) – Olympus postponed the release of its second-quarter earnings amid an independent probe that is looking into questionable acquisitions made by the maker of camera and medical equipment, Dow Jones reported.
The Japanese company cited the third party investigation it commissioned as the reason for the delay, Dow Jones said. Olympus shares dropped as much as 12% at one point in early trading Friday following the announcement, Dow Jones reported.
Olympus was scheduled to release its results for the three months through September 30 on Tuesday. A new release date has yet to be finalized and will take into account progress made by the six-member panel, Olympus said, according to the news service.
Dow Jones reported Olympus has lost about 56% of its market value since mid-October. That’s when the company’s former Chief Executive Michael Woodford claimed he was fired after raising concerns over deals he questioned, including the payment of $687 million dollars to an adviser on a $1.9 billion dollar acquisition of a U.K. medical technology firm.
Source: Dow Jones