Subscribe now. Make the right decisions. November 01, 2018 When Realities Test The Limits Of Your FCPA Program June 09, 2017 Don't Miss It: Hot Deals & Firms We Followed This Week January 12, 2017 A Record FCPA Year For Pharma SciClone Pharmaceuticals Inc. said it has reserved $2 million for penalties related to an ongoing Foreign Corrupt Practices Act probe. The conduct at issue related to the marketing and promotional activities of SciClone Pharmaceuticals International Ltd., a wholly-owned subsidiary of … SciClone operated internationally primarily through subsidiaries, including SPIL and SPIL’s wholly-owned subsidiaries that sold and promoted SciClone’s products in China. Print. In the SciClone lawsuits, it was alleged that “the Individual Defendants, by reason of their failure to implement and maintain internal controls and systems at the Company to … The California-based phrama said in its annual report last week that a settlement of that size was “probable.” But it didn’t not have any prediction about the exact fines that could be imposed or the timing of a resolution. SciClone Pharmaceuticals Inc.’s Dec. 15 settlement with shareholders in a Foreign Corrupt Practices Act derivative suit may mark a new focus on corporate governance initiatives as plaintiff lawyers seek quick-hit legal fees. Make the right decisions. … China SciClone Pharmaceuticals Pharmaceutical. SciClone Pharmaceuticals Settles with the SEC Over Gifts, Travel and Entertainment Allegedly Provided to Officials in China On February 4, 2016, the SEC announced a disposition with SciClone Pharmaceuticals, Inc. related to the California-based company's pharmaceutical operations in China. This one involved the California based entity SciClone Pharmaceuticals, Inc. (SCLN) which was assessed a penalty of $2.5MM, profit disgorgement of $9.42MM and prejudgment interest of $900K for a total penalty of $12.8MM to settle SEC charges that it violated the FCPA when employees in China pumped up sales for five years by making improper payments to professionals employed at state … View More . In the SEC’s action against SciClone, civil charges included alleged violations of the FCPA’s anti-bribery, internal controls and books & records provisions. SciClone said an internal investigation uncovered evidence of sales and marketing activities that might violate the FCPA, which prohibits bribes to foreign officials to win business. Global Investigations Review (GIR) is the hub for global coverage of corporate investigations and their … On February 4, 2016, the U.S. Securities and Exchange Commission (“SEC”) announced a settled enforcement action against U.S. pharmaceutical company SciClone Pharmaceuticals, Inc. (“SciClone”), alleging violations of the anti-bribery provisions and internal accounting controls and books and records … This recent post highlighted the SEC’s $12.8 million Foreign Corrupt Practices Act enforcement action against SciClone Pharmaceuticals.. Stay informed. Stipulation of Settlement SciClone FCPA … The SEC on 4 February announced a $12 million administrative settlement with California-based SciClone Pharmaceuticals over allegations the company’s subsidiaries paid bribes to state-employed health care professionals in China. The company was represented by John Dwyer and Jessica Valenzuela Santamaria of Cooley in… Subscribe now. In 2010, ... SciClone Pharmaceuticals - The California-based pharmaceutical firm agreed to pay $12 million to settle SEC charges that it violated the FCPA when international subsidiaries increased sales by making improper payments to health care professionals employed at state health institutions in China. SciClone directed the relevant operations of SPIL and … Melissa L. Jampol. May 10, 2011 5:01 pm ET. The allegations set out in the SEC's Cease-and-Desist Order ("the Order") include violations of the anti … Executive Summary On February 4, 2016, the U.S. Securities and Exchange Commission ("SEC") announced a settled enforcement action against U.S. pharmaceutical company SciClone Pharmaceuticals, Inc. ("SciClone"), alleging violations of the anti-bribery provisions and internal accounting controls and books and records provisions of the Foreign Corrupt Practices Act … SciClone Pharmaceuticals Inc.’s Dec. 15 settlement with shareholders in a Foreign Corrupt Practices Act derivative suit may mark a new focus on corporate governance initiatives as plaintiff lawyers seek quick-hit legal fees. SciClone Pharmaceuticals Pays More Than 12 Million Back English Chinese SciClone Pharmaceuticals Pays More Than $12 Million to Settle FCPA Allegations Relating to Payments to Healthcare Professionals in China February 9, 2016, Covington Alert. California-based SciClone Pharmaceuticals will pay more than $12 million to settle charges that it violated the Foreign Corrupt Practices Act (FCPA) when international subsidiaries increased sales by making improper payments to health care professionals employed at state health institutions in China. SciClone Pharmaceuticals Inc. said it has reserved $2 million for penalties tied to an ongoing foreign bribery probe. Settlement of the enforcement action is yet to come. Related Professionals Eric Carlson +86 21 6036 2503 ecarlson@cov.com Share this article: Related News and Insights US Department of Justice Fraud … SciClone to be acquired for $11.18 per share, representing a valuation of approximately $605 million. We will continue … by Edward L. Rubinoff and Kristine Sendek-Smith Akin Gump Strauss Hauer & Feld LLP Your LinkedIn Connections with the authors To print this article, all you need is to be registered or login on Mondaq.com. On February 4, 2016, SciClone Pharmaceuticals , Inc. (“SciClone”) agreed to pay $12.8 million to settle allegations by the Securities and Exchange Commission ( “SEC”) that SciClone, through its subsidiaries in China, violated the US Foreign … Documents. Late last week, the SEC announced an FCPA enforcement action involving the California-based entity SciClone Pharmaceuticals, Inc. (SCI). Stay informed. Enforcement of the Foreign Corrupt Practices Act (FCPA) continues to be a high priority area for the SEC. SciClone agreed to pay $12.8 million to resolve the investigation without admitting or denying wrongdoing. Most recently, the SEC settled with SciClone Pharmaceuticals for $12.8 million in early February. FCPA Update 1 February 2016 Volume 7 Number 7 FCPA Update SEC Brings First FCPA Enforcement Actions of 2016 The Securities and Exchange Commission (“SEC”) began February by bringing the first two corporate FCPA enforcement actions of 2016. SciClone Pharmaceuticals: A Textbook Case of FCPA Violations for Gifts, Meals, Entertainment and Travel. A Record FCPA Year For Pharma. SciClone ($2.5MM to date) or the plaintiff’s bar finds compliance–not an enforcement action but the settlement of a shareholder derivative action during the pendency of a FCPA investigation, where the company agreed to implement a best practices compliance program. Here’s the FCPA disclosure from SciClone Pharmaceuticals Inc.’s Form 10-Q filed with the SEC on August 9, 2013: The US Securities and Exchange Commission (“SEC”) and the US Department of Justice (“DOJ”) are each conducting formal investigations of SciClone regarding a range of matters, including the possibility of violations of the Foreign Corrupt Practices Act (“FCPA”). Law360, New York (January 12, 2017, 5:37 PM EST) --. By Joe Palazzolo. On February 4, 2016, the SEC settled FCPA allegations with California-based SciClone Pharmaceuticals with a cease and desist order finding that SciClone violated the FCPA s anti-bribery, books and records, and internal controls provisions related to activities in China. Executive Summary . Yesterday, the SEC released this administrative action finding that SciClone Pharmaceuticals (a California pharmaceutical company with a China-focused business) violated the FCPA’s anti-bribery, books and records and internal controls provisions.. Anti-Corruption . Subscribe and start reading now. SciClone's ZADAXIN® (thymalfasin) is approved in over 30 countries and may be used for … The action was based on the marketing and promotional activities of a subsidiary that provided various things of value to healthcare professionals employed by state-owned hospitals in China including weekend trips, foreign language classes, “golf in the morning and beer … SciClone was assessed a penalty of $2.5M, profit disgorgement of $9.42M and prejudgment interest of $900K for a total penalty of $12.8M, all to settle SEC charges that a Chinese subsidiary of SciClone, SciClone Pharmaceuticals International Ltd., it violated the Foreign … SciClone Reports Possible FCPA Violations By Joe Palazzolo Wall Street Journal May 10, 2011 An internal investigation by SciClone Pharmaceuticals Inc. uncovered evidence of sales and marketing Text. SciClone Reports Possible FCPA Violations To DOJ, SEC. The SEC alleged that employees of SciClone’s Chinese subsidiaries provided money, gifts and other things of value to healthcare professionals in state … SciClone Pharmaceuticals, Inc. (³SciClone ´R U³5HVSRQGHQW´ II. SciClone Pharmaceuticals Settles FCPA Action Over China Business Practices . United States: SAP And SciClone Pharmaceuticals Settle FCPA Inquiries With SEC 09 March 2016 . SciClone Pharmaceuticals International Ltd. (“SPIL”) was a wholly-owned subsidiary of SciClone that was incorporated in the Cayman Islands with its principal place of business in Hong Kong. SciClone Pharmaceuticals Pays More Than $12 Million to Settle FCPA Allegations Relating to Payments to Healthcare Professionals in China February 9, 2016 . In anticipation of the institution of these proceedings, Respondent has submitted an Offer RI6 HWWOHPHQW WKH³ 2IIHU´ ZKLFKWKH& RPPLVVLRQKDVGH WHUPLQHGW RDFFHSW 6 ROHO\IRUW KH purpose of these proceedings and any other proceedings brought by or on be half of the Commission, or to which the Commission is a party, … The SEC found that from at least 2007 to 2012, employees of SciClone … To read more Subscribe to Global Investigations Review. Subscribe now. Company: SciClone Pharmaceuticals, Inc Ticker Symbol: SCLN Class Period: May-11-09 to Aug-10-10 Date Filed: Aug-19-10 Lead Plaintiff Deadline: Oct-18-10 Court: Northern District of California Allegations: New York, NY: A class action lawsuit was filed in the United States District Court for the Northern District of California on behalf of purchasers of the securities of SciClone Pharmaceuticals, … This week, the SEC announced the resolution of its FCPA investigation into SAP and SciClone Pharmaceuticals announced its own resolution with the SEC. SciClone Pharmaceuticals is a revenue-generating, profitable, specialty pharmaceutical company with a substantial commercial business in China and a product portfolio of therapies for oncology, infectious diseases and cardiovascular, urological, respiratory, and central nervous system disorders. The FCPA does not provide for a private right of action, the announcement of a FCPA investigation can often bring civil lawsuits against the company, as nominal defendant, and certain of the company’s directors and officers. By Melissa Jampol and Elena Quattrone, Epstein Becker & Green PC January 12, 2017, 5:37 PM EST. As with most SEC FCPA corporate enforcement actions in 2015, these two actions – against SAP SE (the “SAP Order”),1 a German software firm with …
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