Prime Success L.P., (together with its affiliates, “Prime Success” or “we”), a significant shareholder of Sinovac Biotech Ltd. (NASDAQ: SVA) (“Sinovac” or the “Company”) with ownership of approximately 8% of the Company’s outstanding shares, today issued a statement in response to the Company’s continued false, misleading and outright fabricated claims relating to the upcoming Special Meeting of Shareholders (the “Special Meeting”) scheduled for July 8, 2025.
“We believe shareholders deserve the truth – which is why we feel compelled to yet again correct the record, this time regarding the “alert” released on June 16 by the Board currently controlling Sinovac (the “1Globe Activist Board”). In addition to considering the below facts, we think our fellow shareholders should ask themselves a simple question: Given their relentless campaign to distort the truth and repeated twisting of reality, why should you believe anything this Board says? The 1Globe Activist Board should stop with the misleading press releases and start issuing dividends to all shareholders.
Here are the facts:
1. Our Injunction Does NOT Block Dividends. What the 1Globe Activist Board Claims Is a Lie.
Our legal filing merely seeks to maintain the status quo and protect the fundamental shareholder rights of Prime Success — rights that the 1Globe Activist Board has gone to extreme lengths to strip from us. The relief we have requested is narrowly tailored and does not seek to stop dividend distribution to any valid shareholder. It puts forward two reasonable requests to maintain the status quo: (1) that our rights as shareholders be protected, and (2) that those rights not be stripped while we wait for the arbitration to be completed.
Equiniti, the paying agent, is listed as a respondent only because they would be the executor of a potential court decision. There is no language whatsoever in our petition that asks the court to prevent Equiniti from distributing dividends to other shareholders.
The 1Globe Activist Board knows this. They read the petition. Yet they chose to lie – again.
2. There is no “New Lawsuit” – it is a Self-Defense Injunction Request in Response to the 1Globe Activist Board’s Ongoing Litigation.
Let’s be absolutely clear: we did not start this legal fight. We are defending ourselves from a Board that has tried — repeatedly — to erase us from the shareholder register.
Back in March, we formally asked the Company to confirm our shareholder status. They failed to do that. We then followed the terms of the contract and joined an existing arbitration to enforce the rights we paid tens of millions of dollars for 7 years ago, when we invested in Sinovac. Then, on May 6, the 1Globe Activist Board filed a lawsuit in Antigua attempting to cancel our registered shares entirely — stripping us of our voting rights, our dividend rights, and our very identity as shareholders, instead of abiding by the contract and waiting for the arbitrators to issue a ruling. Afterwards, as if that weren’t enough, they escalated their assault by filing an emergency interim injunction on May 30, seeking to bar us from exercising our shareholder rights before the July 8 meeting. That’s not a defense of governance — that’s a coordinated ambush.
Read more on wallstreet:online
