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Beijing Fourth Intermediate People’s Court Issues Judgement Against Sinobioway Medicine and Mr. Aihua Pan
BEIJING--(BUSINESS WIRE)-- Sinovac Biotech Ltd. (NASDAQ:SVA) (“Sinovac” or the “Company”), a leading provider of biopharmaceutical products in China,
About this update from Sinovac Biotech, Ltd.
[{"type":"text","content":" BEIJING--(BUSINESS WIRE)--\nSinovac 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.\n\nThe 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.\n\nThe 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.\n\nThe 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 .\n\nAbout Sinovac\n\nSinovac 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...