Benzinga | Dec 3, 2021 11:21AM EST

Sinovac Says Beijing Settled Litigation Of Its Business License And Seals BZ NOTE: Shares Of Sinovac Have Not Traded In Over A Year

SINOVAC Biotech Ltd. (NASDAQ:SVA) ("SINOVAC" or the "Company"), a leading provider of biopharmaceutical products in China, announced the Company's subsidiary SINOVAC Biotech Co., Ltd ("SINOVAC Beijing") settled the litigation with Mr. Aihua Pan concerning its business license and seals.

As disclosed previously, Mr. Aihua Pan made the false claim to certain government agencies that SINOVAC Beijing's business license, official corporate seal, financial seal, contract seal and invoice seal had been lost. Mr. Pan subsequently obtained a re-issued business license of SINOVAC Beijing based on the false claim. Mr. Pan further obtained SINOVAC Beijing's corporate seal (No.: 1101081347485), contract seal and invoice seal (collectively, the "Seals") by using the re-issued business license. In December 2018, the People's Court in Haidian District, Beijing (the "Court") issued an interim injunction order restraining Mr. Aihua Pan from using or authorizing others to use the re-issued business license and the Seals of SINOVAC Biotech that were improperly obtained by him. On November 30, 2021, SINOVAC settled the litigation with Mr. Aihua Pan in the Court. With the settlement, Mr. Pan has returned the business license and the Seals to SINOVAC Beijing, and SINOVAC Beijing has withdrawn its claims with the Court.