Two former Pfizer executives published a statement saying they support the current company management as it gets pressured for changes by activist investor Starboard Value.

Starboard’s Jeff Smith called on the company to assemble a special committee to investigate the matter, describing it as “flagrantly unethical.”

In another twist to the tale of Starboard Value's push for change at Pfizer, the activist investor has claimed former executives Ian Read and Frank D'Amelio were bullied into lending their support to current management.

The ongoing corporate battle between Pfizer and activist investment firm Starboard Value escalated on Thursday when Starboard pushed Pfizers board to investigate alleged coercive actions. This follows the

The Wall Street Journal reported that activist investor group Starboard Value owns a stake in Pfizer (PFE -2.82%) that's worth approximately $1 billion. Now, Starboard

Starboard has accused Pfizer of “coercive conduct” after executives who initially backed the hedge fund retracted their support.