SOURCE: Kaplan Fox & Kilsheimer LLP

September 08, 2010 10:50 ET

Kaplan Fox Files Securities Class Action on Behalf of Purchasers of SciClone Pharmaceuticals, Inc. Common Stock; Reminds Investors of October 12, 2010 Lead Plaintiff Motion Deadline

NEW YORK, NY--(Marketwire - September 8, 2010) -  Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has filed a class action suit against SciClone Pharmaceuticals, Inc. ("SciClone" or the "Company") (NASDAQ: SCLN) that alleges violations of the Securities Exchange Act of 1934 on behalf of purchasers of SciClone's common stock during the period May 11, 2009 and August 9, 2010, inclusive (the "Class").

The case is pending in the United States District Court for the Northern District of California. A copy of the complaint may be obtained from Kaplan Fox or the Court.

The Complaint alleges that throughout the Class Period, the Company reported record revenues and income, in large part, due to its sales and marketing efforts for Zadaxin in China, but unknown to investors, defendants were engaged in conduct that gave rise to an investigation by the U.S. Securities and Exchange Commission ("SEC") and the Department of Justice ("DOJ") for possible violations of the Foreign Corrupt Practices Act ("FCPA").

The Complaint further alleges that on August 9, 2010, after the close of trading, investors began to learn the truth about the Company's operations when the Company disclosed in its quarterly report for the quarter ended June 30, 2010 filed with the SEC on Form 10-Q, that the SEC and DOJ were investigating the Company for violations of the FCPA. On August 10, 2010, SciClone shares declined from a close on August 9, 2010 of $3.51 per share, to close at $2.48 per share, a decline of $1.03 per share or approximately 30% on heavier than usual volume.

If you are a member of the proposed Class, you may move the court no later than October 12, 2010 to serve as a lead plaintiff for the Class. You need not seek to become a lead plaintiff in order to share in any possible recovery.

Plaintiffs seek to recover damages on behalf of the Class and are represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox & Kilsheimer LLP, or to review a copy of the complaint filed in this action, you may visit our website at www.kaplanfox.com.

Contact Information

  • If you have any questions about this Notice, the action, your rights, or your interests, please contact:

    Jeffrey P. Campisi
    KAPLAN FOX & KILSHEIMER LLP
    850 Third Avenue, 14th Floor
    New York, New York 10022
    (800) 290-1952
    (212) 687-1980
    Fax: (212) 687-7714
    E-mail address: jcampisi@kaplanfox.com

    Laurence D. King
    KAPLAN FOX & KILSHEIMER LLP
    350 Sansome Street, Suite 400
    San Francisco, California 94104
    (415) 772-4700
    Fax: (415) 772-4707
    E-mail address: lking@kaplanfox.com