BEIJING (dpa-AFX) - Sinovac Biotech Ltd. (SVA), Tuesday published a letter in response to the Vivo group's recent press releases, lawsuits and other actions against SINOVAC and the Board.
The letter mainly discusses about a proposed special cash dividend of $55.00 per common share, which Sinovac's board intends to distribute to its shareholders.
The company claims that Vivo is actively trying to block the special dividend payments via lawsuits and threatening letters to the company's stock transfer agent and board members.
Sinovac raises concerns regarding Vivo's recent activities to block the dividend even though it received over $800 million in cash dividends from 2021-2024 from a majority owned subsidiary of the company.
The letter also highlights a significant legal victory for Sinovac's current board, invalidating actions taken by the Vivo Capital-influenced former board.
The company assured shareholders that it is working to make things right as soon as possible to mitigate against further chaos and litigation. Also, it urged shareholders not to be misled by Vivo's actions and lawsuits.
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