China Biologic Products Holdings, Inc. (NASDAQ: CBPO) (“China Biologic” or the “Company”), a leading fully integrated plasma-based biopharmaceutical company in China, today issued the following statement in response to a lawsuit filed against the Company in the Cayman Islands by Mr. David (Xiaoying) Gao, the former Chairman and CEO of the Company who was terminated for cause:
“We deeply regret that Mr. David Gao, acting individually in his personal capacity, has attempted to challenge the completion of the private placement that was announced on August 24. The Company is prepared to fend off meritless lawsuits like this and will take actions to seek actual and punitive damages from Mr. Gao in connection with his ill-intended lawsuit as well as any damages caused by breaches of his employment agreement. The Company continues to believe that the private placement transaction referred to in the lawsuit is beneficial to shareholders, through the additional capital and strategic partnerships which it will result in. The Company understands that the investors involved remain committed to the transaction, and, with their support, China Biologic will be very well situated to acquire and develop the leading technologies and assets that will help drive exceptional shareholder value for the long term. The Company has closed 3,800,000 shares in the private placement and will close the remaining in accordance with the transaction agreements.”
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