The FINANCIAL — Japanese regulators will not extend a deadline for Olympus to report its financial results, sources with knowledge of the matter said, leaving the scandal-hit company with less than two weeks to correct two decades of accounting and avoid delisting, according to gulfnews.
Olympus and its auditors are scrambling to correct past earnings statements and submit its latest results after the company admitted to a cover-up of securities losses dating back to the 1990s.
If they cannot meet the December 14 deadline Olympus will automatically be delisted under stock exchange rules.
As the deadline nears, some stock market participants have speculated that Japan's Financial Services Agency might extend the deadline, reflecting the view regulators are keen to keep Olympus listed to limit the blow to small investors and the markets.The regulator has extended reporting deadlines in the past but only in cases where the company was hit by a natural disaster or some other factor seen to be out of its control.
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