Shearman & Sterling and Morrison & Foerster have the lead roles on Olympus Corp.’s expected $1.2 billion equity offering.

According to Reuters, it is the Japanese company’s first equity offering in 32 years. The company has been a shaken over the past two years by an accounting scandal which saw senior executives hid losses for many years by creating fictitious transactions.

Bloomberg reports that the company needs to tap new capital because the revelation of the accounting fraud wiped $1.3 billion off its balance sheet. The company is selling a total of 41 million shares to overseas investors in order to raise money for research and development at its medical-equipment business, as well as for general spending and debt repayment.

Shearman Tokyo partner Masahisa Ikeda is advising the Japanese maker of digital cameras and recorders on U.S. law, with Anderson Mori & Tomotsune acting as Japanese counsel.

Morrison & Foerster Tokyo partners Andrew Winden, Kenji Taneda, Fuyuo Mitomi, and Mitsutoshi Uchida are representing underwriters SMBC Nikko Securities Inc., UBS Investment Bank and Morgan Stanley.

Email: tbrennan@alm.com.