SAN DIEGO, March 20, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of Spectrum Pharmaceuticals, Inc. (SPPI) common stock over alleged violations of Federal Securities Laws by Spectrum Pharmaceuticals, Inc. in connection with certain allegedly false and misleading statements made between August 8, 2012, and March 12, 2013 in regards to the drug FUSILEV®.
If you purchased a significant amount of common stock of Spectrum Pharmaceuticals, Inc. (SPPI) between August 8, 2012, and March 12, 2013 and /or if you purchased SPPI shares prior to August 2012 and currently hold any of those shares, you have certain options and you should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The plaintiff alleges that Spectrum Pharmaceuticals, Inc. and certain of its officers and directors violated the Securities Exchange Act of 1934.
More specifically, the plaintiff claims that between August 8, 2012 and March 12, 2013 defendants allegedly continually dismissed concerns that sales of FUSILEV would be adversely affected by increased supplies of leucovorin and allegedly concealed the impact that the increased availability of leucovorin would have on FUSILEV sales.
The plaintiff says that as a result of defendants' statements, SPPI stock traded at inflated prices between August 8, 2012 and March 12, 2013, reaching a high of $13.05 per share on September 18, 2012.
Then on March 12, 2013, Spectrum Pharmaceuticals, Inc. commented on anticipated first quarter performance and updated its 2013 outlook for the Company. Spectrum Pharmaceuticals, Inc. said that based upon recent communications with customers it anticipates a change in ordering patterns of FUSILEV® following the recent stabilization of the folate analog market. Spectrum Pharmaceuticals, Inc. said it expects that FUSILEV sales will be approximately $10 to $15 million for the first quarter of the year, and approximately $80 to $90 million for the 2013 fiscal year. Furthermore, Spectrum Pharmaceuticals, Inc. said that it anticipates total company revenues in the range of $160 to $180 million for the full-year 2013.
Shares of Spectrum Pharmaceuticals, Inc. declined from $12.46 on March 12, 2013, to as low as $7.25 on March 19, 2013.
The plaintiff seeks to recover damages.
Those who purchased shares of Spectrum Pharmaceuticals, Inc. have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
The Shareholders Foundation, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6931