Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Optimer Pharmaceuticals, Inc.
Apr 11, 2012, 08:30 ET
NEW YORK, April 11, 2012 /PRNewswire/ -- Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Optimer Pharmaceuticals, Inc. ("Optimer" or the "Company") (NasdaqGS: OPTR), concerning whether the company and certain of its officers and directors have violated federal securities laws.
On April 9, 2012, shares of Optimer fell 7% to $13.35 in midday trading after firing its chairman, CFO and a vice president citing lapses in corporate governance practices related to the company's relationship with its Taiwanese affiliate. The maker of diarrhea drug Dificid, removed its co-founder/chairman Michael Chang for his actions as Optimer's representative on the board of Optimer Biotechnology Inc ("OBI"), its 43 percent-owned independent affiliate based in Taiwan. Dr. Chang was removed from the chairmanship because he failed "to identify and effectively manage compliance, record keeping and conflict of interest issues in connection" to a grant of 1.5 million shares he received from a Taiwanese affiliate, Optimer said. CFO John Prunty and Youe-Kong Shue, a vice president, were let go because they failed to follow the proper procedures after finding out about the grant, Optimer said. The company said it has disclosed the matter to the relevant U.S. authorities and is cooperating with them in their review.
If you are aware of any facts relating to this investigation, or purchased shares of Optimer, you can assist this investigation by contacting either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman, 212-697-6484
SOURCE Bronstein, Gewirtz & Grossman, LLC
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