BOSTON, Oct. 23, 2015 /PRNewswire/ -- Shares in
Spectrum Pharmaceuticals ("Spectrum" or the "Company") (NASDAQ:
SPPI) have plunged over 20% today after the company announced that
it received a Complete Response Letter from the United States Food
and Drug Administration ("FDA") related to the company's EVOMELA
injection drug. An FDA Complete Response Letter informs companies
that the FDA cannot approve a new drug application as
submitted.
In the months prior to today's news, the Company and its
officers made numerous statements about EVOMELA, including
statements reflecting the company's belief that the pending
application before the FDA would be successful, and that EVOMELA
would contribute to Spectrum's revenue in late 2015. As such, the
FDA's Complete Response Letter came as a complete surprise to
investors.
Block & Leviton LLP is investigating the Company and certain
of its officers and directors to learn the facts behind the
company's EVOMELA application, its statements about the drug's
approval process, and the FDA's subsequent rejection of the
company's new drug application. The firm is also investigating
whether any insiders at Spectrum profited from alleged
misstatements made about EVOMELA in the weeks and months prior to
today's announcement.
If you purchased Spectrum stock between August 6, 2015 and October
22, 2015 and have questions about your legal rights, or if
you have any information relevant to this investigation, please
contract attorney Jake Walker of
Block & Leviton LLP at (617)398-5600 or jake@blockesq.com.
Confidentiality for any whistleblowers or other persons with
information relevant to the investigation is assured.
Block & Leviton represents investors for violations of
securities laws as well as whistleblowing employees who provide
information about their employers' violations of law throughout the
country. The firm's lawyers have collectively been prosecuting
securities cases for over 70 years, have recovered billions of
dollars for investors and represent some of the nation's largest
institutional investors.
This notice may constitute attorney advertising.
Contact:
BLOCK & LEVITON LLP
Jake Walker jake@blockesq.com
(617) 398-5600
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SOURCE Block & Leviton LLP