UPDATE: Aegis Capital Downgrades SciClone Pharmaceuticals to Hold on Financial Restatement Due to NovaMed Accounting Errors

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In a report published Monday, Aegis Capital downgraded its rating on SciClone Pharmaceuticals (NASDAQ: SCLN) from Buy to Hold.Aegis Capital noted, “SciClone recently announced that it will restate the financial statements for Q2-Q3 of 2011 and Q1-Q3 of 2012 due to accounting errors in its China subsidiary NovaMed. According to the firm, this will likely increase 9-month 2012 revenue by ~$3mm and before-tax income by ~$2mm, as well as decrease FY2011 revenue by ~$1mm and before-tax income by

27% profits every 20 days?

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