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Optimer axes chairman, CFO and VP over misconduct related to stock options

 
• By Mandy Jackson

Optimer Pharmaceuticals has removed chairman Dr Michael Chang from the company's board of directors for "his failure to identify and effectively manage compliance, record keeping and conflict of interest issues" in connection with stock options from the company's Taiwanese subsidiary, and fired chief financial officer John Prunty and vice-president Dr Youe-Kong Shue for their inaction regarding Dr Chang's alleged misconduct.

Optimer Pharmaceuticals has removed chairman Dr Michael Chang from the company's board of directors for "his failure to identify and effectively manage compliance, record keeping and conflict of interest issues" in connection with stock options from the company's Taiwanese subsidiary, and fired chief financial officer John Prunty and vice-president Dr Youe-Kong Shue for their inaction regarding Dr Chang's alleged misconduct.

Dr Chang is Optimer's representative on the board of directors for Optimer Biotechnology Inc (OBI) and he is accused of accepting 1.5 million shares of OBI stock for the benefit...

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