Pressure mounted on Japan’s Olympus to take radical action after it admitted to hiding losses on securities investments for decades, with the camera and endoscope maker’s largest foreign investor demanding the resignation of the company’s entire board. Southeastern Asset Management, which owns about five percent of the 92-year-old company, said Tuesday’s admission “changes everything”.
Shares of daily deals site Groupon rose more than 50 percent in their stock market debut, but at least some of the early trading exuberance may have come from limiting the fraction of the company that was sold. The shares rose as high as $31.14, or 55.7 percent above the IPO price, in early trading on the Nasdaq, at one point pushing the market value of the company up to $19.9 billion. The shares later eased back, closing at $26.11. Despite the early success, there are still lingering questions about Groupon’s business model and about competition from better-funded rivals such as Amazon.com and Google.