NEW ORLEANS--(BUSINESS WIRE)-- Kahn Swick & Foti, LLC ("KSF") and KSF partner Former Attorney General of Louisiana, Charles C. Foti, Jr. announce that the firm continues its investigation in the firm’s securities class action lawsuit against SciClone Pharmaceuticals, Inc. (“SciClone” or the “Company”) (Nasdaq: SCLN – News), filed in the United States District Court for the Northern District of California, on behalf of purchasers of the common stock of the Company between May 11, 2009 and August 10, 2010, inclusive (the “Class Period”). No class has yet been certified in this action.
What You May Do
If you have information that would assist KSF in its ongoing investigation prior to the filing of a consolidated amended complaint in court on November 29, 2010, or would like to discuss your legal rights, you may, without obligation or cost to you, call or e-mail KSF Managing Partner, Lewis Kahn ([email protected]), toll free 1-866-467-1400, ext. 200, or after hours via cell phone 504-301-7900. KSF encourages anyone with information regarding SciClone’s conduct during the period in question to contact the firm to discuss the investigation, including whistleblowers, former employees, shareholders and others. KSF attorneys have significant experience in representing both institutional and individual shareholders in securities fraud litigation nationwide.
About the Lawsuit
SciClone and certain of its Officers are charged with making a series of materially false and misleading statements related to the Company’s business and operations in violation of the Securities Exchange Act of 1934. SciClone 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.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders. Recent cases include In re Virgin Mobile USA IPO Litigation, 2:07-cv-05619-SDW-MCA (D. N.J.), Co-Lead Counsel, $19.5 Million Settlement Preliminarily Approved; In re BigBand Networks, Inc Securities Litigation, 3:07-CV-05101-SBA (C.D. Cal.), Co-Lead Counsel, $11 million settlement; In re U.S. Auto Parts Networks, Inc. Securities Litigation, 2:07-cv-02030-GW-JC (C.D. Cal.),Lead Counsel, $10 million settlement. KSF is also federally court-appointed Co-Lead Counsel in THE shareholder derivative cases against AIG and Bank of America (Merrill Lynch merger) emanating from their recent multi-billion dollar economic declines.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner, 866-467-1400, ext. 200
or after hours via cell phone 504-301-7900
KEYWORDS: United States North America Louisiana
INDUSTRY KEYWORDS: Health Oncology Pharmaceutical Other Health Professional Services Legal General Health