current event 5 info

current event 5 info - After being fired Mr Woodford...

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Ellie kahn Kldjflskf Lkdsjflk Lskdjflksdf Sldkfjsl This article caught my attention because with all the current fraud that has been going on with companies in the past five years I was interested to see the reasoning in why the chairman of Olympus resigned. Reading this article proved that not all companies have learned from the past. Back on October 14th Mr. Kikukawa's the than chairman of Olympus voted to fire than CEO Mr. Woodford because he raised questions about the companies financial transactions. Mr. Woodford has found many instances where millions of dollars would be recorded as consulting investments that were not clear to wear they were going or coming from so he raised questions to the board. As he asked the board he found that many were reluctant to answer and dragged out the answering process. Finally Mr. Woodford was voted by the company to be fired because they said he was doing things on his own and not in the best interest of the company.
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Unformatted text preview: After being fired Mr. Woodford continued to raised questions to the government and SEC board in the false statements that Olympus was potentially providing. After this Olympus’s stock fell dramatically by 56% do to the questioning of their financial statements and many of the stockholders wanted more details in their financial statements. Because of this Mr. Kikukawa decided to step down in hope of helping the company’s image. Mr. Woodford and Mr. Kikukawa are still on the board of the company and Mr. Woodford are not sure that Mr. Kikukawa's resignation will change things with in the company. But only further investigation and time will tell. This is another example of how important faithful financial representation is important in the business world today. Cause whether Olympus has been reporting false statements or not just the questioning of their statements has brought their companies reputation way down....
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This note was uploaded on 02/02/2012 for the course ACCT 100 taught by Professor Punke during the Fall '08 term at University of Wisconsin.

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