Beijing Fourth Intermediate People’s Court Issues Judgement Against Sinobioway Medicine and Mr. Aihua Pan
September 28 2020 - 8:30AM
Business Wire
Sinovac Biotech Ltd. (NASDAQ:SVA) (“Sinovac” or the “Company”),
a leading provider of biopharmaceutical products in China,
announced today that the Fourth Intermediate People’s Court of
Beijing (“Beijing Fourth Court”) issued a judgement holding
Sinobioway Bio-medicine Co., Ltd. (“Sinobioway Medicine”) and Mr.
Aihua Pan (collectively, “the Defendants”) liable for torts and
breaches of shareholder fiduciary duty.
The judgment follows a complaint filed by Sinovac Biotech (Hong
Kong) Ltd. (“Sinovac Hong Kong”) on May 16, 2018 against Sinobioway
Medicine, Mr. Aihua Pan, and Shandong Sinobioway Biomedicine Co.,
Ltd. to hold them jointly liable for the offenses they committed
during an attempt to take physical control of Sinovac’s Shangdi
facility in Beijing on April 17, 2018.
The Beijing Forth Court found that the Defendants disrupted
Sinovac Beijing’s production by cutting power, which resulted in
Sinovac Beijing being forced to destroy the affected products with
a total value of RMB15.404 million. The Court’s judgement holds
that the Defendants breached their shareholder fiduciary duties
under the PRC Company Law and are liable for Sinovac Beijing’s
losses caused by their disruptive actions.
The Beijing Fourth Court’s decision may be appealed within 15
days from the receipt of the ruling by the defendants or within 30
days by the plaintiff, respectively .
About Sinovac
Sinovac Biotech Ltd. is a China-based biopharmaceutical company
that focuses on the research, development, manufacturing and
commercialization of vaccines that protect against human infectious
diseases. Sinovac’s product portfolio includes vaccines against
enterovirus71 (EV71), hepatitis A and B, seasonal influenza,
Quadrivalent Influenza vaccine (“QIV”), H5N1 pandemic influenza
(avian flu), H1N1 influenza (swine flu), varicella vaccine and
mumps. Healive, the hepatitis A vaccine manufactured by the
Company, has passed the assessment under WHO prequalification
procedures in 2017. The EV71 vaccine, an innovative vaccine
developed by Sinovac against hand foot and mouth disease caused by
EV71, was commercialized in China in 2016. In 2009, Sinovac was the
first company worldwide to receive approval for its H1N1 influenza
vaccine, which it has supplied to the Chinese Government’s
vaccination campaign and stockpiling program. The Company is also
the only supplier of the H5N1 pandemic influenza vaccine to the
government stockpiling program. The Company is developing a number
of new products including a Sabin-strain inactivated polio vaccine,
pneumococcal polysaccharides vaccine, and a SARS-CoV-2 (commonly
referred to as COVID-19) vaccine. Sinovac primarily sells its
vaccines in China, while also exploring growth opportunities in
international markets. The Company is registering its products in
over 30 countries outside of China. For more information please see
the Company’s website at www.sinovac.com.
Safe Harbor Statement
This announcement may include certain statements that are not
descriptions of historical facts but are forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “future,”
“intends,” “plans,” “believes,” “estimates” and similar statements.
Forward-looking statements involve risks, uncertainties and other
factors that could cause actual results to differ materially from
those contained in any such statements. In particular, the outcome
of any litigation is uncertain, and the Company cannot predict the
potential results of the litigation it filed or that could be filed
against it by others. Additionally, the triggering of a shareholder
rights plan is nearly unprecedented, and the Company cannot predict
the impact on the Company, or its stock price should its rights
plan have been triggered.
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version on businesswire.com: https://www.businesswire.com/news/home/20200928005291/en/
Sinovac Biotech Ltd. Helen Yang Tel: +86-10-8279-9871
Fax: +86-10-6296-6910 ir@sinovac.com
ICR Inc. Bill Zima Tel:
+1-646-308-1707 Email: william.zima@icrinc.com
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