Olympus shares dropped by 17,61% after the recent CEO dismissal (Soruce: Bloomberg).
Ex Olympus CEO Mr. Woodford has been interviewed by the Financial Times (Click here) and what you read is really giving you an idea of how bad things are ongoing at Olympus. Woodford checked the past acquisition strategy from Olympus and discovered that “large amounts of money seemed to have “disappeared” into the hands of poorly vetted outside financial advisers and investment vehicles.” and “a catalogue of calamitous errors and exceptionally poor judgment which … has resulted in the destruction of shareholder value of $1.3bn“.
And how did Olympus react? They told them to “to catch a bus to the airport“.
Editor’s note: I am not “for” nor “against” Mr Woodford. I am only reporting what he told about Olympus. And it is really not a good news!