Sinovac Biotech Ltd. researches, develops, manufactures, and markets various vaccines, including flu vaccines and vaccines for Hepatitis A.
In 2016, it was revealed that former CEO, Yin Weidong, bribed the vice director of the Center of Drug Evaluation of the China Food and Drug Administration from 2002 to 2014. And the board of director still re-nominated him to continue to serve on the board.
In 2017, Mr Yin issued and sold shares to the management consortium (of which he is a part of) at $7 per share, while the Sinobioway consortium “has explicitly, publicly and repeatedly offered $8 per share to acquire all common shares of the company.” It is alleged that Mr Yin caused all unaffiliated shareholders substantial amounts of losses in this self-dealing fraudulent transaction.
Mahany Law: Sinovac Biotech Discloses Possible FCPA Violations, 28 Aug 2017
BusinessWire: An Open Letter from Sinobioway Consortium to All Shareholders of Sinovac Biotech Ltd., 26 Jul 2018