A lawsuit was filed for investors in shares of SciClone Pharmaceuticals, Inc. (NASDAQ:SCLN) in connection with the proposed takeover and NASDAQ:SCLN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/06/2017 -- The Shareholders Foundation announces that an investor, who currently holds shares of SciClone Pharmaceuticals, Inc. (NASDAQ:SCLN)), filed a lawsuit against the takeover of SciClone Pharmaceuticals, Inc. for $11.18 per share.
Investors who purchased shares of SciClone Pharmaceuticals, Inc. (NASDAQ:SCLN) and currently hold any of those NASDAQ:SCLN shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:SCLN stockholders by agreeing to sell SciClone Pharmaceuticals, Inc. cheaply via an unfair process.
On June 8, 2017, SciClone Pharmaceuticals, Inc. (NASDAQ:SCLN) and a consortium consisting of entities affiliated with GL Capital Management GP Limited, Bank of China Group Investment Limited, CDH Investments, Ascendent Capital Partners and Boying (collectively, the "Buyer Consortium") announced that they have entered into a definitive merger agreement under which the Buyer Consortium will acquire all the outstanding shares of SciClone Pharmaceuticals, Inc. (NASDAQ:SCLN) for $11.18 per share in cash.
However, plaintiff claims that the proposed consideration NASDAQ:SCLN shareholders will receive is grossly inadequate and undervalues SciClone Pharmaceuticals, Inc. Indeed, at least one analyst has set the high target price for NASDAQ:SCLN shares at $14.00 per share. Furhtermore, SciClone Pharmaceuticals, Inc. reported that its annual Total Revenue rose from $157.26 million in 2015 to $160.10 million in 2016 and that its Net Income increased from $29.46 million in 2015 to $30.73 million in 2016. Shares of SciClone Pharmaceuticals, Inc. (NASDAQ:SCLN) reached as high as $13.97 per share in June 2016. In addition, the plaintiff alleges that the process is also unfair NASDAQ:SCLN stockholders
On September 5, 2017, NASDAQ:SCLN shares closed at $11.05 per share.
Those who are current investors in SciClone Pharmaceuticals, Inc. shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com