SAN FRANCISCO, April 8, 2015 /PRNewswire-USNewswire/ -- Schubert
Jonckheer & Kolbe LLP today launched an investigation into
potential derivative claims on behalf of the shareholders of
Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI), related to the
company's statements regarding its lead oncology drug, Fusilev.
The investigation concerns whether certain officers and
directors of the company have breached their fiduciary duties to
the company by causing it to make misleadingly optimistic
statements about Fusilev sales between August 8, 2012 and March
12, 2013, when the officers and directors may have known
that demand for Fusilev was declining due to the increased
availability of a generic alternative. After the company issued a
press release on March 12, 2013
announcing that Fusilev sales would drop significantly due to the
generic alternative, Spectrum's stock plummeted $4.64 per share, a one-day decline of 37% on
volume of 22.5 million shares.
As a result of the statements made between 2012 and 2013,
Spectrum's officers and directors potentially exposed the company
to significant civil liability for violating Sections 10(b) and
20(b) of the Securities Exchange Act of 1934. The company is now
the subject of a consolidated securities class action alleging that
the company knew that end-user demand was falling but artificially
maintained sales through misleadingly optimistic statements. These
statements and the resulting litigation may expose the company to
millions of dollars in damages, as well as investigatory and
litigation costs related to defending the action. On March 26, 2015, U.S. District Judge Lloyd D. George denied Spectrum's motion to
dismiss the action, finding that the complaint sufficiently alleged
facts that "when considered as a whole, create a strong inference
that the defendants acted with an intent to deceive or, at a
minimum, with a deliberate recklessness as to the possibility of
misleading investors."
If you currently own stock in Spectrum Pharmaceuticals, Inc. and
wish to obtain additional information about our investigation and
your legal rights, please contact Dustin
Schubert via email at dschubert@schubertlawfirm.com, or by
telephone at 415-788-4220, or fill out the form on our website at
http://classactionlawyers.com/spectrum.
About Schubert Jonckheer & Kolbe
Schubert Jonckheer & Kolbe has extensive experience in
prosecuting securities claims and has successfully represented
investors throughout the nation in shareholder lawsuits. Attorney
advertising. Prior results do not guarantee similar outcomes.
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SOURCE Schubert Jonckheer & Kolbe LLP