Sinovac responds to recent negative report
China-based vaccines developer Sinovac Biotech (Nasdaq: SVA) responded to a recent report regarding the allegations raised in a research report by Geoinvesting.
It is suggested that recently disclosed documents show Sinovac’s chief executive bribed a member of the Chinese Food and Drug Administration (CFDA) to assist its drug clinical trial and approval. Geoinvesting tweeted: “We believe this revelation jeopardizes Sinovac’s two outstanding go private offers and could also impact future CFDA approvals and its cash flow.”
Sinovac's Audit Committee has authorized the commencement of an internal investigation into the allegations made in the report. The Audit Committee has engaged Latham & Watkins as independent counsel to assist with the investigation.
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