SciClone Pharmaceuticals Inc (NASDAQ: SCLN) Investor Securities Class Action Lawsuit 08/13/2010

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Company Name(s): 
SciClone Pharmaceuticals
Case Name: 
SciClone Pharmaceuticals Shareholder Class Action Lawsuit 08/13/2010
Case Status: 
Case Dismissed
Affected Securities
NASDAQ: SCLN
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/13/2010
Class Period Begin: 
05/01/2009
Class Period End: 
08/10/2010
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
10/11/2010
Case Dismissed: 
11/24/2010
Summary: 

December 1, 2010 - The court granted the notice of voluntary dismissal.

November 24, 2010 - The lead plaintiffs filed a notice of voluntary dismissal without prejudice.

October 27, 2010 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

October 12, 2010 - Lead plaintiff motions were filed.

August 13, 2010 - An investor in shares of SciClone Pharmaceuticals Inc (NASDAQ: SCLN) filed a lawsuit in the U.S. District Court for the Northern District of California against SciClone Pharmaceuticals Inc over alleged violations of Federal Securities laws in connection with certain allegedly false and misleading statements made between May 11, 2009 and August 10, 2010.

According to the complaint the plaintiff alleges on behalf of purchasers of the common stock of SciClone Pharmaceuticals Inc (NASDAQ: SCLN) between May 11, 2009 and August 10, 2010, that SciClone Pharmaceuticals Inc and certain of its Officers issued between May 11, 2009 and August 10, 2010, a series of materially false and misleading statements related to its business and operations in violation of the Securities Exchange Act of 1934.

On August 9, 2010, after the close of the market, SciClone Pharmaceuticals Inc disclosed that it is facing investigations by the Securities and Exchange Commission and the U.S. Department of Justice about possible violations of U.S. Foreign Corrupt Practices Act. SciClone Pharmaceuticals Inc said the DOJ told the SciClonePharmaceuticals Inc, that it has received information about practices by SciClone Pharmaceuticals Inc that may violate the law. SciClone Pharmaceuticals Inc shares (NASDAQ: SCLN) traded during 2007 at roughly $3, but lost in 2008 substantially, and traded as low as $0.78 per share. During 2009 SciClone Pharmaceuticals Inc shares gained value and traded as high as $4.97 per share in Fall 09, before losing another 50% value until the end of 2009. SCLN shares were able to restore stock value in 2010 and started trading in the beginning of 2010 with $2.54 per share. As early as April 2010 SCLN shares traded at $4.30 per share, but lost following the announcement on August 10, 2010, nearly 30% to close at $2.48 per share.

SciClone Pharmaceuticals Inc Total Revenue increased over the past four years from $32.66million in 2007, to $37.06million in 2008, to $54.11million in 2008, and $72.41million in 2009. While its Revenue continuously increased over the past four years SciClone Pharmaceuticals Inc had to report in 2007 and 2008 a Net Loss of $9.95million, respectively $8.35million. In 2009 SciClone Pharmaceuticals Inc was able to report a Net Income of $11.95million.

SciClone Pharmaceuticals Inc, Foster City, California, is a global specialty pharmaceutical company. It has a product portfolio of therapies for cancer and infectious diseases.