Michael Woodford, the ousted chief executive of Olympus, left Tokyo on Saturday for New York, where he will meet US investigators about the Japanese camera maker's cover-up of huge losses. During a four-day stay in Tokyo, the Briton met police, public prosecutors and members of the Securities and Exchange Surveillance Commission to cooperate with their probe into a scam which surfaced after he blew the whistle on it.
Local media have reported that the investment losses may total more than 100 billion yen ($1.3 billion). The company has yet to disclose details. Adding to its mounting troubles, Olympus said on Friday a US investor had filed a class-action lawsuit against the company accusing it of presenting false financial statements for at least five years.
The case was filed with a Pennsylvania court by an individual on behalf of all holders of Olympus American Depository Receipts (ADRs) purchased between November 7, 2006 and November 7, 2011, Olympus said in a statement in Tokyo. ADRs allow a foreign company to trade on US stock exchanges. Woodford, who on Friday attended a high-profile Olympus board meeting for the first time since he was dismissed on October 14, told reporters at Tokyo's Narita airport before his departure that his visit had been positive.