- Parties to the legal matter:
Plaintiff: Securities and Futures Investors Protection Center (SFIPC)
Defendant: OBI Pharma, Inc. and Dr. Michael N. Chang (Chairman)
- Name of the legal agency or court: Taiwan Shilin District Court
- Reference/case numbers of relevant documents: 2017 Su-Zi No. 905
- Date of occurrence of the event: November 16, 2017
- Background and circumstances of the matter (including the property/subject matter under dispute): On July 21, based on violations of the Securities Investor and Futures Trader Protection Act (Chapter 10-1, No. 2, Section 1), SFIPC requested the court to order a dismissal of Dr. Michael N. Chang as the Chairman of the company. OBI received an official letter from Taiwan Shilin District Court stating that based on the Civil Law (Chapter 189, No. 1, Section 2), the case is considered closed on November 6, 2017 as both parties agreed to withdraw the case. The case will be considered dismissed if no legal pursuit is taken within four month of the closing date, based on the Civil Law (Chapter 190).
- Course and progression of handling of the matter: The company will consult its legal counsel on appropriate legal responses.
- Effect on company finances and business and estimated monetary amount of the effect: The business operation and financial status of the company are normal.
- Countermeasures and status of amelioration: None.
- Any other matters that need to be specified: None.