The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action lawsuits have been brought on behalf of purchasers of the common stock of SciClone Pharmaceuticals, Inc. (“SciClone”) (Nasdaq:SCLN) between May 11, 2009 and August 10, 2010, inclusive (“Class Period”).
If you purchased SciClone common stock during the Class Period, you may move the Court for appointment as lead plaintiff by no later than October 12, 2010. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in this action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in this action.
SciClone shareholders that wish to learn more about this action and how to seek appointment as lead plaintiff should visit Lieff Cabraser’s website at http://www.lieffcabraser.com/cases.php?CaseID=342 or contact attorney Sharon Lee toll free at (800) 541-7358.
Background on SciClone Securities Class LitigationThe actions, pending in the United States District Court for the Northern District of California, were brought against SciClone and certain of its officers for violations of the Securities Exchange Act of 1934. SciClone, headquartered in Foster City, California, is engaged in the development and commercialization of therapeutics for the treatment of cancer and infectious diseases. The complaints in the above-mentioned actions allege that during the Class Period, defendants failed to disclose that SciClone engaged in illegal and improper sales and marketing activities in China and elsewhere. In addition, the actions allege that defendants failed to disclose that SciClone’s financial results and business prospects during the Class Period were attributable, in part, to the wrongful conduct. On August 9, 2010, after the close of trading, SciClone disclosed that the Securities and Exchange Commission had initiated a formal investigation of the Company and requested information relating to matters including interactions with regulators and government-owned entities in China, activities relating to sales in China and documents relating to certain Company disclosures. SciClone also disclosed that the Department of Justice had received information about the Company’s practices that suggested violations of the Foreign Corrupt Practices Act. On this news, the price of SciClone common stock fell $1.03 per share, or approximately 29 percent, from its closing price on August 9, 2010 to close at $2.48 per share on August 10, 2010, on unusually high trading volume.