Olympus Corp. ADROTCPK - Current
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  • Mon, Nov. 28, 1:06 PM
    | Mon, Nov. 28, 1:06 PM | 1 Comment
  • Wed, Mar. 2, 9:53 AM
    • Olympus Corp's (OTC:OCPNF)(OTCPK:OCPNY) U.S. unit agrees to pay $623.2M in criminal and civil penalties to settle allegations that it paid bribes to U.S. doctors and hospitals to promote sales of its medical devices. The settlement is the largest ever under federal anti-kickback laws.
    • In addition, the company's Latin American unit will pay $22.8M in U.S. criminal penalties to settle allegations that it paid almost $3M to government-employed healthcare providers there in order to increase sales. The company admitted that its actions violated the U.S. Foreign Corrupt Practices Act.
    • The civil allegations were first made in a 2010 whistleblower suit filed by the company's former chief compliance officer, John Slowik, who will receive $51M from the settlement.
    • Among the stipulations of the settlement is the requirement that Olympus must keep an independent monitor on board for at least three years to oversee compliance.
    | Wed, Mar. 2, 9:53 AM
  • Fri, Jan. 15, 10:48 AM
    • The FDA approves the Olympus (OTC:OCPNF)(OTCPK:OCPNY) TJF-Q180V duodenoscope with modifications to its design and labeling intended to help reduce the risk of bacterial infections.
    • Duodenoscopes are used in more than 500K procedures each year to drain fluids from pancreatic and biliary ducts blocked by tumors, gallstones or other conditions. Unfortunately, their use has been associated with the transmission of infectious agents, including antibiotic-resistant infections.
    • Subsequent to the approval, the company will voluntarily recall the original TJF-Q180V model from the market (~4,400 devices) in order to replace the elevator channel sealing mechanism. The corrective action should be completed by August.
    | Fri, Jan. 15, 10:48 AM
  • Oct. 5, 2015, 12:46 PM
    • The prevalence of duodenoscope-related infections prompts the FDA to order three manufacturers, Olympus America (OTC:OCPNF) (OTCPK:OCPNY), Fujifilm Medical Systems (OTCPK:FUJIF) (OTCPK:FUJIY) and Pentax LIfe Care's Hoya, to conduct postmarket surveillance studies to better understand how the devices are reprocessed in the hospital setting. The companies, who have 30 days to submit their plans to the FDA, must assess how well health care personnel are following instructions to clean and disinfect the devices between patients. The studies will also enable the FDA and manufacturers to better understand the rate of contamination of duodenoscopes used in clinics.
    • Duodenoscopes are flexible lighted tubes used in endoscopic retrograde cholangiopancreatography procedures (ERCP), which are performed ~500K times each year in the U.S. to drain fluids from pancreatic and biliary ducts blocked by cancerous tumors, gallstones or other conditions. The complex design of the devices makes it more difficult to remove contaminants compared to other endoscopes. The FDA perceives, based on its own analysis, that the manufacturer's instructions for reprocessing are not consistently being followed correctly because the procedure is labor intensive and prone to human error.
    • Results from the studies could help inform the FDA's risk mitigation strategies, which could include revised product labeling.
    | Oct. 5, 2015, 12:46 PM
  • Apr. 1, 2015, 7:23 AM
    • Sony (NYSE:SNE) said it would book ¥46.8B ($390.4M) in capital gains as it lowered its stake in camera and endoscope maker Olympus (OTCPK:OCPNY) to 5% from 10% through a sale to JPMorgan.
    • "We decided on this move to strengthen our financial base and to secure funds for investing in growth," a Sony spokesman said.
    • Sony bought shares in Olympus in a partnership announced in 2012, providing it with cash to fix its depleted finances after an accounting scandal forced it to restate several years of earnings.
    | Apr. 1, 2015, 7:23 AM
  • Apr. 3, 2013, 11:25 AM

    Sony (SNE -3.2%) and Olympus (OCPNY.PK) plan to set up their medical device joint venture on April 16 after landing antitrust approval in key regions. Sources say China is still a sticking point.

    | Apr. 3, 2013, 11:25 AM | 1 Comment
  • Mar. 7, 2013, 8:02 PM
    Japanese stocks move higher yet again today as the yen eased back down to 2009 levels and pushed the Nikkei Average up 1.1% to 12,100. Exporters lead the gains: Olympus Corp. JP:7733 +1.00% (OCPNY.PK +3.4%), Toshiba (TOSYY.PK +2.3%), Nintendo (NTDOY.PK +4.7%, Advantest (ATE +3.3%), and Mazda (MZDAY.PK +4.4%).
    | Mar. 7, 2013, 8:02 PM | 2 Comments
  • Mar. 6, 2013, 7:23 PM
    Japanese stocks move higher again today, extending recent gains with the help of a weaker yen. The Nikkei Average broke above 12,000 for the first time since September 2008, rising 1% to 12,049, with exporters leading once again: Advantest (ATE +1.5%), Hitachi (HTHIY.PK +1.1%), Bridgestone (BRDCY.PK +2.7%), Toyota (TM +0.7%), and Olympus (OCPNY.PK +2.9%).
    | Mar. 6, 2013, 7:23 PM
  • Feb. 13, 2013, 8:29 PM
    Japanese stocks move higher in early trading, as investors shrug off weak GDP data and focus their attention on a central bank decision due out later in the day. The Nikkei Average rose 0.4% to 11,291, with the blue chips most active: Sony (SNE +1.3%), Fujitsu (FJTSY.PK +0.7%), Olympus (OCPNY.PK +1.2%), Hitachi (HTHIY.PK -1%) and Nissan (NSANY.PK -0.8).
    | Feb. 13, 2013, 8:29 PM | 3 Comments
  • Feb. 12, 2013, 8:14 PM
    Japanese shares slip today on the back of some weak earnings reports and a slightly stronger yen. The Nikkei Average is down 0.5% to 11,315, with exporters leading declines: Sony (SNE -2.2%), Nissan (NSANY.OB -1%), Mazda (MZDAY.PK -2.6%), and Panasonic (PC -2.4%). Earnings disappointments also moved shares of Pioneer (PNCOF.PK -5.8%) down after saying it plans to cut jobs and now expects to post a FY year loss, Olympus (OCPNY.PK -3.3%) also slips after posting a narrower quarterly loss but trimming its own FY forecast due to weak camera sales.
    | Feb. 12, 2013, 8:14 PM
  • Jan. 14, 2013, 7:30 PM

    Japanese stocks move higher in early trade as investors returned from a three-day weekend to price in another big move lower in the yen. The Nikkei Average rose 1% to 10,909, with exporters leading the way again: Sony (SNE +2.4%), Panasonic (PC +2.7%), Olympus (OCPNY.PK +3.6%), Honda (HMC +1.5), Mazda (MZDAY.PK +1.5%).

    | Jan. 14, 2013, 7:30 PM
  • Dec. 17, 2012, 8:13 PM
    Japanese shares are higher in early trade, extending their gains from yesterday on strength in the yen and a boost from Wall Street overnight. The Nikkei Average is up 0.5% to 9,872, with blue-chip exporters leading: Olympus (OCPNY.PK +2%), Sharp (SHCAY.PK +5.7%), Mazda (MZDAY.PK +1.3%), Kawasaki Heavy Industries (KWHIF.PK +1.5%) and Nomura (NMR +3.5%).
    | Dec. 17, 2012, 8:13 PM
  • Sep. 27, 2012, 1:23 PM
    Sony (SNE +2.4%) moves ahead with its plan to take a stake in Olympus (OCPNY.PK) with a ¥50B ($644M) investment for a 11% holding in the embattled company. The two companies will set up a JV to develop new medical equipment as Sony eyes ways to make up for its struggling electronics business. Though the deal was expected, ratings agencies could still have to something more to say about Sony's latest venture.
    | Sep. 27, 2012, 1:23 PM | 1 Comment
  • Sep. 25, 2012, 4:58 AM

    Sony (SNE) is likely to this week authorize an investment of ¥50B ($642M) in cash-strapped Olympus in return for a 10% stake, Reuters reports. The companies would create a JV to develop medical equipment, which would provide Sony with new sources of revenue. Meanwhile, Olympus and three former execs, including ex-chairman Tsuyoshi Kikukawa, have pleaded guilty to charges connected to the company's $1.7B accounting fraud.

    | Sep. 25, 2012, 4:58 AM
  • Jul. 24, 2012, 2:49 AM
    Olympus (OCPNY.PK) is continuing discussions with Sony (SNE), Terumo and Fujifilm about possible capital-boosting tie-ups, with a "50-50" chance that Olympus will choose Sony, according to Chairman Yasuyuki Kimoto.
    | Jul. 24, 2012, 2:49 AM
  • Jun. 7, 2012, 8:07 PM
    Olympus (OCPNY.PK) is considering selling 10% of its shares to a single investor. Likely candidates to make the investment include Sony (SNE) and Panasonic (PC). The firm is expected in the next day or so to reveal a new strategy which will to include capital raising plans.
    | Jun. 7, 2012, 8:07 PM