WILMINGTON, Del., Sept. 23, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Spectrum Pharmaceuticals, Inc. (NASDAQ GS:SPPI)?
- Did you purchase your shares between December 16, 2015 and September 16, 2016, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Central District of California on behalf of all persons or entities that purchased the common stock of Spectrum Pharmaceuticals, Inc. (“Spectrum” or the “Company”) (NASDAQ GS:SPPI) between December 16, 2015 and September 16, 2016, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Spectrum during the Class Period, or purchased shares prior to the Class Period and still hold Spectrum, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://rigrodskylong.com/investigations/spectrum-pharmaceuticals-inc-sppi-lawsuit.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) the FDA previously questioned whether the data from the 611 and 612 Studies were clinically meaningful; (2) the FDA advised Defendants in December 2012 not to submit the NDA based on data from the 611 and 612 Studies; and (3) as a result, Defendants’ public statements about Spectrum’s business, operations and prospects were materially false and misleading at all relevant times. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on September 16, 2016, TheStreet.com published an article entitled “Spectrum Pharma, FDA and the Buried Truth About a Bladder Cancer Drug Meeting” by Adam Feuerstein. In the article, it was disclosed that Spectrum hid from investors a key detail of a meeting with the U.S. Food and Drug Administration (“FDA”) in which regulators told the Company not to seek approval for a bladder cancer drug because two clinical trials failed to benefit patients. The article also describes that a panel of outside experts convened by the FDA reviewed the apaziquone clinical data and decided unanimously the drug did not warrant approval – and that the FDA would almost certainly follow the panel’s recommendation and reject Spectrum’s drug.
On this news, shares of Spectrum dropped, closing at $4.72 per share on September 19, 2016.
If you wish to serve as lead plaintiff, you must move the Court no later than November 21, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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