CINCINNATI, Aug. 11, 2010 (GLOBE NEWSWIRE) -- Attorney Advertising
The law firm of Statman, Harris & Eyrich, LLC, which has significant experience in class actions, announced today that it is investigating SciClone Pharmaceuticals ("SciClone" or the "Company") (Nasdaq:SCLN) for potential violations of state and federal law by issuing false and misleading statements to its shareholders.
SciClone is a global pharmaceutical company that develops and commercializes therapeutics for the treatment of cancer and infectious diseases in the People's Republic of China and internationally. The Company's principal product is ZADAXIN, which, among other things, is used for the treatment of hepatitis B and hepatitis C viruses and certain cancers.
On August 9, 2010, SciClone revealed that the Securities and Exchange Commission advised the Company that it had initiated a formal, non-public probe into the Company's business dealings in China. SciClone has also been contacted by the Department of Justice, which requested that the Company meet with it regarding whether it has complied with the Foreign Corrupt Practices Act ("FCPA"). The FCPA prohibits a company from making illicit payments to foreign officials to obtain a business advantage. On this news, shares of SciClone plunged 29% to $2.48 per share on August 10, 2010.
If you purchased common stock of SciClone and would like to discuss your potential claims, or if you have questions concerning your rights, please contact attorney Elizabeth Hutton for further information without any obligation or cost to you at (513) 345-8181, Ext. 3095, or by email at ehutton@statmanharris.com.
Statman, Harris & Eyrich, LLC has offices in Chicago, Illinois; Cincinnati, Ohio; Dayton, Ohio; and Sarasota, Florida. www.statmanharris.com