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Olympus Corp. has submitted their delayed earnings report, meeting a deadline that would keep them from being de-listed from the Tokyo Stock Exchange, reports the Wall Street Journal.

The camera maker restated its figures for the first quarter and the previous five years in order to book properly more than $1.5 billion in investment losses that the company had been hiding for decades.

The resuts of the report reveal a ¥123.25 billion yen ($1.58 billion) drop in the value of Olympus's net assets between the year ended March 2007 and the end of this June. 

According to the Journal, the decrease in assets slashed Olympus's capital by a similar amount, leading Rating and Investment Information Inc. to cut Olympus's credit rating two notches to triple-B minus. The Japanese ratings service cited a larger-than-expected erosion of shareholder equity.

Olympus's revisions across all five fiscal years didn't cause company liabilities to exceed assets, which would have raised the risk of delisting.

The company plunged by as much as 20 percent in Tokyo trading after submitting the corrected financial statements.

Company President and CEO Shuichi Takayama said an extraordinary general meeting would be called in March or April next year, in advance of the usual June annual generl meeting. 

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