SciClone Reports Final Resolution With The Securities And Exchange Commission And The Department Of Justice

SciClone Pharmaceuticals, Inc. (NASDAQ:SCLN) has entered into a settlement agreement with the United States Securities and Exchange Commission (SEC) fully resolving the SEC’s investigation into possible violations of the Foreign Corrupt Practices Act (FCPA).
According to the press release:

Under the terms of the settlement agreement, SciClone has agreed to pay a total of $12.8 million, including disgorgement, pre-judgment interest and a penalty.  This payment is in line with the charges the Company previously recorded and disclosed in its Form 10-Q filed with the SEC on August 10, 2015.  As part of the agreement, the Company neither admits nor denies it engaged in any wrongdoing.  The Department of Justice (DOJ) has also completed its related investigation and has declined to pursue any action.

Friedhelm Blobel, PhD, SciClone’s Chief Executive Officer commented:

We are very pleased to have reached a final settlement with the SEC and DOJ that is in line with our previous expectations and brings this matter to conclusion. We believe that we have established an industry-leading compliance program, including a commitment to constant improvement, which is a key business asset. We look forward to continuing to focus on providing high quality medicines to patients, growing our business and creating value for our shareholders.

Click here to view the full press release.