-
If you purchased shares of Otonomy Inc (NASDAQ:OTIC) and currently hold any of those NASDAQ:OTIC shares, you have certain options and you should contact the Shareholders Foundation, Inc.
-
To have your information reviewed for options and to receive notifications about this investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Investigation Overview
An investigation on behalf of investors in shares of Otonomy Inc (NASDAQ:OTIC) was announced over potential breaches of fiduciary duties by certain officers and directors at Otonomy Inc.
The investigation by a law firm concerns whether certain Otonomy directors breached their fiduciary duties and caused damage to the company and its shareholders.
San Diego, CA based Otonomy, Inc. is a biopharmaceutical company that focuses on the development and commercialization of therapeutics for diseases and disorders of the ear. Otonomy Inc went public in August 2014 and shares of Otonomy Inc (NASDAQ:OTIC) grew to as high as $40.00 per share in late 2014, respectively $39.48 per share in March 2015.
On August 30, 2017, Otonomy Inc announced that its Phase 3 clinical trial of OTIVIDEX missed its primary endpoint. Otonomy, Inc. also announced an immediate suspension of all development activities for OTIVIDEX. David A. Weber, President and CEO of Otonomy, Inc, said We are greatly disappointed by these results, and surprised by both the higher placebo response and lower OTIVIDEX improvement than observed in our previous trials.
Shares of Otonomy Inc (NASDAQ:OTIC) declined on September 1, 2017 to $3.40 per share.
