SciClone Pharmaceuticals, Inc. (SCLN)

[surf1944]

7:02AM SciClone Pharma announces preliminary settlement of stockholder derivative litigation (SCLN) 4.04 : Co announced that the California Superior Court for the County of San Mateo has consolidated the derivative lawsuits pending against certain of its current and former directors and officers and against SciClone Pharmaceuticals as a nominal defendant, and that the court has granted preliminary approval of a settlement reached by the parties. The settlement is subject to final approval by the Court and a settlement hearing is currently scheduled for December 6, 2011. SciClone has agreed that if the proposed settlement terms are approved, it will adopt certain corporate governance measures, to be in effect for at least three years, and has agreed to the payment of $2.5 mln in attorney's fees to counsel for the plaintiffs.