NEW YORK, April 11, 2012 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Optimer Pharmaceuticals, Inc. ("Optimer" or the "Company") (NASDAQ: OPTR), concerning whether the board has breached its fiduciary duties to shareholders.
On April 9, 2012, Optimer fired its Chairman, CFO, and a vice president due to a failure of corporate governance practices in connection with a Taiwanese affiliate of the Company. One of the Company's founders, Michael Chang, was terminated after he failed to properly manage record keeping and conflict of interest issues related to a grant of 1.5 million shares he received from the Taiwanese affiliate. The two terminated officers failed to follow procedures upon learning of the grant. On this news, shares of Optimer fell nearly 20% over two days to a midday low of $11.91 on April 10, 2012. Optimer claims to be cooperating with the relevant U.S. authorities as they review the matter.
Our investigation concerns whether the Optimer board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own Optimer shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
Attorney Advertising. © 2011 Harwood Feffer LLP. The law firm responsible for this advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter.
SOURCE Harwood Feffer LLP