CINCINNATI, Sept. 16, 2010 (GLOBE NEWSWIRE) -- The law firm of Strauss & Troy announce that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California against 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 caner 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.
Plaintiffs seek to recover damages on behalf of all individuals and entities who purchased SciClone common stock between May 11, 2009 and August 10, 2010. If you purchased common stock during that period, you may, no later than October 12, 2010, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of the class members. In order to be appointed lead plaintiff, the Court must determine that you meet certain legal requirements.
If you wish to review a copy of the Complaint, discuss this action, or have any questions, please contact Richard S. Wayne, Esq., or Thomas P. Glass, Esq., Strauss & Troy, 150 East Fourth Street, Cincinnati, Ohio 45202, 800-669-9341 or by e-mail at rswayne@strausstroy.com or tpglass@strausstroy.com