San Diego, CA -- (SBWIRE) -- 04/11/2012 -- An investigation for investors in NASDAQ:OPTR) shares over possible breaches of fiduciary duties by certain officers and directors at Optimer Pharmaceuticals, Inc. was announced
Investors who purchased shares of Optimer Pharmaceuticals, Inc. (NASDAQ:OPTR) and currently hold any of those NASDAQ:OPTR shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain directors and officers at Optimer Pharmaceuticals, Inc. (NASDAQ:OPTR) breached their fiduciary duties owed to NASDAQ:OPTR stockholders by improperly managing the company.
Optimer Pharmaceuticals, Inc. reported that its annual Revenue rose from $1.48million in 2010 to $144.98million in 2001 and its Net Loss of $47.34million in 2010 turned into a Net Income of $7.82million in 2011
Shares of Optimer Pharmaceuticals, Inc. (NASDAQ:OPTR) rose from as low as $4.10 per share in October 2008 to as high as $16.08 per share on September 23, 2011.
However, on April 9, 2012, Optimer Pharmaceuticals, Inc. reports its preliminary First Quarter 2012 financial results. Among other things, Optimer Pharmaceuticals, also disclosed that its board of Directors removed Dr. Michael Chang as Chairman and terminated John D. Prunty, Chief Financial Officer, and Dr. Youe-Kong Shue, Vice President.
Optimer Pharmaceuticals said its board appointed Hank McKinnell as its new Chairman and that Kurt Hartman has been appointed acting CFO and a search for a permanent CFO has commenced.
Optimer Pharmaceuticals said that Dr. Chang's removal as Chairman resulted from the Board's views as to his actions in his capacity as Optimer's representative on the Board of Directors of Optimer Biotechnology, Inc. ("OBI"), its 43%-owned independent, Taiwanese-based affiliate, as well as his failure to identify and effectively manage compliance, record keeping and conflict of interest issues in connection with OBI's grant to Dr. Chang, potentially for the benefit of a third party, of 1.5 million shares of OBI.
Optimer Pharmaceuticals said that “the terminations of Mr. Prunty and Dr. Shue were related to the belief of Optimer's Independent Directors that both individuals failed to follow proper procedures when they became aware of the issues related to the issuance of the OBI shares to Dr. Chang.”
Shares of Optimer Pharmaceuticals, Inc. (NASDAQ:OPTR) fell from over$14.60 per on April 3, 2012 to $11.91 during April 10, 2012.
Those who are current long term investors in Optimer Pharmaceuticals, Inc. (NASDAQ:OPTR) shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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