BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Sinovac Biotech Ltd. (“Sinovac” or the “Company”) (NASDAQ: SVA) securities between April 30, 2013 to May 16, 2017, inclusive (the “Class Period”). Sinovac investors have until September 1, 2017 to file a lead plaintiff motion in this class action.
Investors suffering losses on their Sinovac investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
Sinovac is a Chinese biopharmaceutical company that engages in the research, development, manufacture and commercialization of vaccines against hepatitis A, hepatitis B, seasonal influenza, H5N1 and H1N1 pandemic influenza, and mumps.
On December 21, 2016, a report was published on SeekingAlpha.com claiming that Sinovac’s Chairman and CEO, Weidong Ying, bribed a member of the Chinese Food and Drug Administration in connection with its vaccine clinical trial and approval.
On this news, the Company’s share price declined, thereby injuring investors.
Then, on May 16, 2017, the Company issued a press release disclosing that the SEC notified the Company of an enforcement inquiry related to the matters discussed in the SeekingAlpha.com report, and that the SEC issued a subpoena requesting documents related to the Company’s internal investigation into the matter. On this news, the Company’s share price fell 4.6% on May 17, 2017, thereby injuring investors.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Defendant Weidong Yin, Sinovac’s Chairman and CEO, bribed a member of the Chinese Food and Drug Administration to assist Sinovac’s vaccine clinical trial and approval; (2) such conduct would subject Sinovac to heightened regulatory scrutiny; and (3) as a result, Sinovac’s public statements were materially false and misleading at all relevant times.
If you purchased shares of Sinovac during the Class Period you may move the Court no later than September 1, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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