NEW YORK, NY / ACCESSWIRE / August 22, 2017 / Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Sinovac Biotech, Ltd. ("Sinovac" or the "Company") (NASDAQ: SVA) of the September 1, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Sinovac Biotech, Ltd. stock or options between April 30, 2013 and May 16, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/SVA. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Sinovac securities between April 30, 2013 and May 16, 2017 (the "Class Period"). The case, Luo v. Sinovac Biotech, Ltd. et al, No. 2:17-cv-04883, was filed on July 3, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Defendant Yin bribed a member of the Chinese Food and Drug Administration to assist the Company's vaccine clinical trial and approval; (2) such conduct would subject the Company to heightened regulatory scrutiny; and (3) as a result, the Company's public statements were materially false and misleading at all relevant times.
Specifically, On December 21, 2016, analyst firm GeoInvesting, LLC published a report on the Company asserting, among other things, that Defendant Yin bribed a member of the Chinese Food and Drug Administration to assist its vaccine clinical trial.
After the announcement, Sinovac's share price fell from $5.65 per share on December 20, 2016 to a closing price of $5.55 on December 21, 2016 - a $0.10 or a 1.77% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Sinovac's conduct to contact the firm, including whistleblowers, former employees, shareholders, and others.
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SOURCE: Faruqi & Faruqi, LLP