Case Page

 

Case Status:    DISMISSED    
On or around 12/01/2010 (Stipulation and order of dismissal (voluntary dismissal))

Filing Date: August 13, 2010

According to a press release dated August 13, 2010, the Complaint alleges that the defendants engaged in the development and commercialization of therapeutics for the treatment of cancer and infectious diseases in the People's Republic of China and internationally. Its principal product is ZADAXIN for the treatment of hepatitis B and hepatitis C viruses and certain cancers, as well as for use as a vaccine adjuvant or as a chemotherapy adjuvant for cancer patients with weakened immune systems. Throughout the Class Period, SciClone claimed to have commercialization rights for DC Bead, a product candidate for the treatment of advanced liver cancer in China, as well as for ondansetron RapidFilm, an oral thin film formulation of ondansetron to treat and prevent nausea and vomiting caused by chemotherapy, radiotherapy, and surgery in China and Vietnam.

The Complaint alleges that throughout the Class Period, defendants were engaged in illegal and improper sales and marketing activities in China and abroad regarding its products. This ultimately caused the Company to become the focus of a joint investigation by the Securities and Exchange Commission ("SEC") and the Department of Justice ("DOJ") for possible violations of the Foreign Corrupt Practices Act ("FCPA"). It was only at the end of the Class Period, however, that investors ultimately learned the truth about the Company's operations after it was reported that the SEC and DOJ were investigating the Company for violations of the FCPA. At that time, shares of the Company declined almost 40% in the single trading day, on abnormally large trading volume.

On October 27, 2010, Judge James Ware signed the order consolidating two related actions under "In re SciClone Pharmaceuticals Securities Litigation,” case number 10-CV-03584. The Court appointed Plaintiffs George Berneshawi and Luciano Garzelli as Lead Plaintiffs and Kahn Swick & Foti LLC and Brower Piven as Co-Lead Counsel. The amended complaint shall be filed on or before November 29, 2010.

On November 24, 2010, the lead plaintiffs filed a Stipulation of Voluntary Dismissal, which was signed by Judge James Ware on December 1, 2010. The case is now dismissed without prejudice.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SCLN
Company Market:
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. California
DOCKET #: 10-CV-03584
JUDGE: Hon. James Ware
DATE FILED: 08/13/2010
CLASS PERIOD START: 05/11/2009
CLASS PERIOD END: 08/10/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barroway Topaz Kessler Meltzer & Check, LLP (San Francisco)
    580 California Street, Suite 1750, Barroway Topaz Kessler Meltzer & Check, LLP (San Francisco), CA 94104
    415.400.3000 415.400.3000 · info@btkmc.com
  2. Kahn Swick & Foti, LLC (Madisonville)
    206 Covington Street, Kahn Swick & Foti, LLC (Madisonville), LA 70447
    (504) 455-1400 (504) 455-1498 ·
  3. Kahn Swick & Foti, LLC Former New York)
    500 Fifth Avenue, Ste. 1810, Kahn Swick & Foti, LLC Former New York), NY 10110
    212.696.3730 504.455-1498 ·
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