SAN DIEGO--(BUSINESS WIRE)-- Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at SciClone Pharmaceuticals, Inc. ("SciClone" or the "Company") (NASDAQ: SCLN). SciClone engages in the development and commercialization of therapeutics for the treatment of cancer and infectious diseases in the People's Republic of China and internationally. The Company's principle product is Zadaxin for the treatment of hepatitis B and hepatitis C viruses, and certain cancers. SciClone was founded in 1989 and is headquartered in Foster City, California.
Robbins Umeda LLP's investigation concerns whether SciClone's directors and officers breached their fiduciary duties in connection with the Company's potential violations of the Foreign Corrupt Practices Act ("FCPA"). The FCPA prohibits companies from making improper payments to foreign officials for the purpose of obtaining or keeping business.
On August 9, 2010, SciClone disclosed that the U.S. Securities and Exchange Commission has initiated a formal, non-public investigation of the Company over certain business dealings in China. Additionally, on August 9, 2010, SciClone disclosed that the U.S. Department of Justice has requested that the Company meet with them regarding their compliance with the FCPA. Upon this news and the very next day, the Company's value fell approximately 30% to close at $2.48 per share, the lowest closing price of the year.
These potential violations of the FCPA may have exposed the Company to significant liability and may have caused damage to SciClone's reputation and goodwill.
If you are a shareholder SciClone, plan to continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at [email protected].
Robbins Umeda LLP is a California-based law firm, which has significant experience representing investors in shareholder derivative actions, securities fraud class actions, and merger-related shareholder class actions. For more information about the firm, please go to http://www.robbinsumeda.com.
Robbins Umeda LLP
Gregory E. Del Gaizo, 800-350-6003
KEYWORDS: United States Asia Pacific North America China California
INDUSTRY KEYWORDS: Health Infectious Diseases Oncology Pharmaceutical Professional Services Finance Legal