Saxena White P.A. Files Securities Fraud Class Action Against Spectrum Pharmaceuticals, Inc.

BOCA RATON, FL--(Marketwired - Apr 11, 2013) -  Saxena White P.A. has filed a securities fraud class action lawsuit in the United States District Court for the District of Nevada against Spectrum Pharmaceuticals, Inc. ("Spectrum" or the "Company") (NASDAQ: SPPI) on behalf of investors who purchased or otherwise acquired the common stock of the Company during the period from August 8, 2012 through March 12, 2013 (the "Class Period"). The complaint brings claims for violations of the Securities Exchange Act of 1934.

Spectrum is a biotechnology company with fully integrated commercial and drug development operations, with a primary focus in hematology and oncology. The Company's primary strategy is comprised of acquiring, developing and commercializing a broad and diverse pipeline of late-stage clinical and commercial products. The company markets two oncology drugs, ZEVALIN and FUSILEV. 

The filed complaint alleges that, during the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts concerning Spectrum's business, operations and prospects. Specifically, Defendants made false and misleading statements and failed to disclose that: (a) Spectrum's sales of FUSILEV would drastically decline once the generic folate analog, leucovorin, was made available; (b) the purported advantages of FUSILEV over generic leucovorin were negligible and would not be enough to convince clinics and hospitals to continue to use the more expensive FUSILEV once the leucovorin shortage was eliminated; and (c) based upon the above, the Defendants lacked a reasonable basis for their positive statements about the Company and its revenue earnings during the class period. 

You may obtain a copy of the complaint and join the class action at www.saxenawhite.com. If you purchased Spectrum stock between August 8, 2012 and March 12, 2013, inclusive, you may contact Joe White (jwhite@saxenawhite.com) or Marc Grobler (mgrobler@saxenawhite.com) at Saxena White P.A. to discuss your rights and interests.

If you purchased Spectrum common stock during the Class Period of August 8, 2012 through March 12, 2013, and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than May 13, 2013. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.

Saxena White P.A., located in Boca Raton, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.