Olympus Trying to Keep Head Above Water

A few weeks ago, DPG reported about the massive fall taken by Olympus after it was announced that senior members had been hiding company loses. Today, former CEO Michael Woodford left the board of directors officially and called a shareholder meeting to remove the rest of the board.

Since becoming the whistleblower on the company’s biggest scandal, Woodford watched as Olympus’ stock fell nearly 90 percent.

"I think it would be very wise for the company to call a shareholder meeting quite quickly," said Jamie Allen, secretary general of the Hong Kong-based Asian Corporate Governance Association. "Clearly, there's a lot of tension between the management and the shareholders and I don't think it's healthy if this continues for another seven months until their AGM in June."

For more information on this ongoing story, check out the original Reuters article.