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Shareholder Class Action Filed Against SciClone Pharmaceuticals, Inc. by the Law Firm of Barroway Topaz Kessler Meltzer & Check, LLP
Date:8/19/2010

orted financial statements were true, accurate, or reliable; (3) the Company's financial statements and reports were not prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and SEC rules; and (4) the defendants lacked any reasonable basis to claim that SciClone was operating according to plan, or that SciClone could achieve guidance sponsored and/or endorsed by defendants.

SciClone's principal product is ZADAXIN which is used 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. As investors ultimately learned, the Company's expansion in China, as well as its representations concerning its systems of controls and procedures, were patently untrue.  The truth later emerged that the defendants were allegedly engaged in illegal and improper sales and marketing activities in China which  ultimately caused the Company to become the focus of a joint investigation by the SEC and the DOJ for possible violations of the FCPA. On this news, shares of the Company's shares declined almost 30% in the single trading day, on unusually heavy trading volume.  

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Barroway Topaz Kessler Meltzer & Check which prosecutes class actions in both state and federal courts throughout the country.  Barroway Topaz Kessler Meltzer & Check is a driving force behind corporate governance reform, and has recovered b
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SOURCE Barroway Topaz Kessler Meltzer & Check, LLP
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