SciClone to Restate Financial Statements

SciClone Pharmaceuticals is to restate a set of its financial statements from 2011 and 2012 due to what it says are accounting errors within its subsidiary NovaMed regarding certain line items and timing. The company expects the restatement to lift the revenue and earnings of 2012, and decrease both for 2011.

The affected periods are each of the first three quarters of last year, as well as Q2, Q3, and full-year 2011.

SciClone quoted CEO Friedhelm Blobel as saying that the decision to restate "was made after careful review of all the available facts, the applicable technical accounting rules regarding revenue recognition, and with the full cooperation and input of our independent registered public accounting firm."


The company said it aims to correct the irregularities "as soon as reasonably practicable."

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The article SciClone to Restate Financial Statements originally appeared on Fool.com.

Fool contributor Eric Volkman has no position in SciClone. The Motley Fool has no position in SciClone. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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