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SciClone Pharmaceuticals, Inc. Is Being Investigated on Behalf of Shareholders



SciClone Pharmaceuticals, Inc. Is Being Investigated on Behalf of Shareholders

PR Newswire

SAN DIEGO, March 28, 2013

SAN DIEGO, March 28, 2013 /PRNewswire/ -- Shareholder rights law firm Robbins
Arroyo LLP is investigating whether officers and directors of SciClone
Pharmaceuticals, Inc. (NASDAQ: SCLN) breached their fiduciary duties to
shareholders. 

(Logo: http://photos.prnewswire.com/prnh/20130103/MM36754LOGO)

Robbins Arroyo LLP Investigates Potential Accounting Errors and Misstated
Financial Results in SciClone's Previously Filed Financial Statements for 2011
and Most of 2012 

Robbins Arroyo LLP is investigating whether SciClone's financial reporting for
fiscal years 2011 and 2012 may have been false and misleading.  After the
market closed on February 22, 2013, SciClone announced that its previously
issued financial statements for the fiscal year 2011 and the first three
quarters of fiscal 2012, were unreliable and would be restated.  Specifically,
the restatements will correct accounting errors in the company's recognition
of product return reserves for sales of the drug Aggrastat and the timing of
revenue recognition for certain products sold by SciClone's subsidiary
NovaMed, a China-based company acquired in April 2011.  On news of the
restatement, SciClone's stock declined approximately 9%, to close at $4.40 per
share on February 25, 2013.      

In light of this news, Robbins Arroyo LLP is investigating whether: (i)
SciClone's financial statements were not prepared in accordance with Generally
Accepted Accounting Principles; and (ii) the company's internal accounting
controls were deficient and permitted the premature recognition of revenue,
leading to misstated financial results.  

Robbins Arroyo LLP highlights that SciClone shareholders have the option to
pursue a shareholder derivative action through which shareholders aim to hold
insider wrongdoers accountable for their actions, prevent future misconduct,
and bring long-term value back to the company.  Concerned shareholders who
would like more information about their rights and potential remedies can
contact attorney Darnell R. Donahue at (800) 350-6003,
DDonahue@robbinsarroyo.com, or via the shareholder information form on the
firm's website.

Robbins Arroyo LLP is a nationally recognized leader in securities litigation
and shareholder rights law.  The firm represents individual and institutional
investors in shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested.  For more information, please
go to http://www.robbinsarroyo.com.  

Press release link:
http://www.robbinsarroyo.com/shareholders-rights-blog/sciclone-pharmaceuticals-inc/

Attorney Advertising. Past results do not guarantee a similar outcome.  

Contact:
Darnell R. Donahue
Robbins Arroyo LLP
DDonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com

SOURCE Robbins Arroyo LLP

Website: http://www.robbinsarroyo.com
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