Investigation Overview
San Diego, Mar. 01, 2012 (Shareholders Foundation) -- An investigation on behalf of investors in Bruker Corporation (NASDAQ:BRKR) shares was announced over possible breaches of fiduciary duties by certain directors and officers at Bruker Corp. in connection with potential improper conduct in connection with the China operations of its Bruker Optics subsidiary.
The investigation by a law firm focuses on possible shareholder claims based on potential breaches of fiduciary duties. Specifically the investigation concerns whether certain directors and officers at Bruker breached their fiduciary duties in connection with allegations of potential improper conduct in connection with the China operations of its Bruker Optics subsidiary.
The Audit Committee of the Board of Directors of Bruker Corporation completed an internal investigation concerning certain conduct in connection with the China operations of a Bruker Optics subsidiary.
Bruker Corporation said that the investigation found evidence indicating that payments were made that improperly benefited employees or agents of government-owned enterprises in China and that the investigation also has found evidence that certain employees of Bruker Optics in China and Hong Kong failed to comply with itscorporate policies and standards of conduct.
Bruker Corporation said it fired certain individuals and among other things terminated its business relationships with certain third party agents.
Brukers annual Revenue rose from $1.1billion for 2008 to $1.65billion in 2011 and its Net Income increased from $64.90million in 08 to $92.30million in 2011.
Shares of Bruker Corporation (NASDAQ:BRKR) rose from as low as $3.82 per share in March 09 to over $20 in July 2011.
However NASDAQ:BRKR stocks fell in the second half of 2011 to as low as $11.51 per share and closed in 2011 at slightly below $13 per share. Since then NASDAQ:BRKR stocks have regained some value and closed on February 29, 2012 at $16.03 per share.