An investigation was announced for investors in NASDAQ:SVA shares over potential breaches of fiduciary duties by certain Sinovac Biotech directors.
Investors who purchased shares of Sinovac Biotech Ltd. (NASDAQ:SVA) have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain Sinovac Biotech Ltd. directors breached their fiduciary duties and caused damage to the company and its shareholders.
China based Sinovac Biotech Ltd.is a biopharmaceutical company that focuses on the research, development, manufacturing and commercialization of vaccines that protect against human infectious diseases. Sinovac Biotech Ltd. reported that its annual Total Revenue rose from $62.93 million in 2014 to $67.41 million in 2015 and that its Net Loss increased from $0.85 million in 2014 to $1.07 million in 2015.
On December 21, 2016, a report was published disclosing that Sinovac’s Chairman and CEO, Weidong Ying, had allegedly paid bribes to Yin Hongzhang, the Deputy Director General of the Center for Drug Evaluation for the China Food and Drug Administration, to help procure and pass drug applications and evaluations.
On May 16, 2017, Sinovac Biotech Ltd. disclosed that the SEC staff is conducting an enforcement inquiry related to the matters discussed in the article and that the SEC staff subsequently issued a subpoena requesting documents related to the internal investigation.
Shares of Sinovac Biotech Ltd. (NASDAQ:SVA) closed on June 2 2017, at $5.27 per share.
Those who purchased NASDAQ:SVA shares have certain options and should contact the Shareholders Foundation.
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