NEW YORK, June 12, 2017 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of SciClone Pharmaceuticals Inc. ("SCLN" or the "Company") (NASDAQ: SCLN) in connection with the proposed acquisition of the Company by a consortium led by GL Capital Management GP Limited (the "Consortium") for approximately $605 million. Under the terms of the agreement, the Company's shareholders will receive $11.18 in cash for each SCLN share they own.
WeissLaw is investigating whether SCLN's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $14.00, or 26% more than the Consortium's per-share offer price. Additionally, the Company recently announced double-digit growth in the first quarter of 2017. It reported an 18% year-over-year growth in revenues from $36.5 million in the first quarter of 2016 to $42.9 million in the same period of the following year.
Given these facts, WeissLaw is investigating whether SCLN's Board acted in the best interests of SCLN's public shareholders to maximize shareholder value prior to entering into the agreement. If you own SCLN shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslawllp.com/sciclone-pharmaceuticals-inc/
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SOURCE WeissLaw LLP