current event 5

current event 5 - Ellie Kahn AIS 100 Section 9 Current...

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Ellie Kahn AIS 100 Section 9 Current Event 5 Olympus Defends Deals; Chairman Resigns The article, Olympus Defends Deals; Chairman Resigns, found in The Wall Street Journal on October 27, 2011 discusses details of the Olympus fraud scandal. On October 14, 2011, the Olympus Chairman, Tsuyoshi Kikukawa voted to fire the former chief executive, Michael Woodford because of his concerns that were raised regarding four of their deals. Woodford found missteps in the companies financial transactions so he raised these questions to the board. He found that in this process, many of the board members were reluctant in answering his questions. As a result of this, Mr. Woodford was fired because it was said that he was not following the company’s policies. After Mr. Woodford was fired, there were still questions floating around regarding Olympus’s financial statements and the potential false nature of their claims. After Mr. Woodford was fired, the stocks plummeted more than 50% and stockholders and investors were still interested
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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 Wisconsin.

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current event 5 - Ellie Kahn AIS 100 Section 9 Current...

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