SciClone Pharmaceuticals, Inc. Under Investor Investigation

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Company Name(s): 
SciClone Pharmaceuticals
Affected Securities: 

An investigation on behalf of investors of SciClone Pharmaceuticals, Inc. (NASDAQ:SCLN) over potential state and federal securities laws violations by SciClone Pharmaceuticals was announced.

SciClone Pharmaceuticals, Inc, FOSTER CITY, California, is a global specialty pharmaceutical company. It has a product portfolio of therapies for cancer and infectious diseases. SciClone Pharmaceuticals 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 had to report in 2007 and 2008 a Net Loss of $9.95million, respectively $8.35million. In 2009 SciClone Pharmaceuticals was able to report a Net Income of $11.95million.

On August 9, 2010, after the close of the market, SciClone disclosed that it is facing investigations by the Securities and Exchange Commission (“SEC”) and the U.S. Department of Justice (“DOJ”) about possible violations of U.S. Foreign Corrupt Practices Act (“FCPA”). According to the investigation by a law firm on behalf of investors of SciClone Pharmaceuticals the FCPA makes it illegal for U.S. companies or companies listed on U.S. stock exchanges to offer money or goods to foreign officials in order to win or retain business. SciClone Pharmaceuticals, Inc, said the DOJ told the ciClonePharmaceuticals, Inc, that it has received information about practices by SciClone that may violate the law. SciClone Pharmaceuticals, Inc. shares (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 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.