Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Spectrum Pharmaceuticals, Inc. to ...
November 06 2015 - 11:24PM
The securities litigation law firm of Brower Piven, A Professional
Corporation, announces that a class action lawsuit has been
commenced in the United States District Court for the District of
Nevada on behalf of purchasers of Spectrum Pharmaceuticals, Inc.
(Nasdaq:SPPI) (“Spectrum” or the “Company”) securities during the
period between May 7, 2015 and October 23, 2015, inclusive (the
“Class Period”). Investors who wish to become proactively involved
in the litigation have until January 4, 2016 to seek appointment as
lead plaintiff.
If you have suffered a loss from investment in
Spectrum securities purchased on or after May 7, 2015 and held
through the revelation of negative information during and/or at the
end of the Class Period, as described below, and would like to
learn more about this lawsuit and your ability to participate as a
lead plaintiff, without cost or obligation to you, please visit our
website at http://www.browerpiven.com/currentsecuritiescases.html.
You may also request more information by contacting Brower Piven
either by email at hoffman@browerpiven.com or by telephone at (410)
415-6616. No class has yet been certified in the above
action. Members of the Class will be represented by the lead
plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you
and the Class, you must apply to be appointed lead plaintiff and be
selected by the Court. The lead plaintiff will direct the
litigation and participate in important decisions including whether
to accept a settlement for the Class in the action. The lead
plaintiff will be selected from among applicants claiming the
largest loss from investment in Company securities during the Class
Period. Brower Piven also encourages anyone with information
regarding the Company’s conduct during the period in question to
contact the firm, including whistleblowers, former employees,
shareholders and others.
The complaint accuses the defendants of
violations of the Securities Exchange Act of 1934 by virtue of the
defendants’ failure to disclose during the Class Period that
EVOMELA is not materially clinically distinct from existing
standard melphalan used in hospitals to treat multiple myeloma,
that, contrary to Company statements that melphalan contained a
toxic additive, such was not the case, that it was unlikely that
doctors currently using generic melphalan would suddenly switch to
EVOMELA, and that FDA approval of the EVOMELA was not likely.
According to the complaint, following the
October 23, 2015 receipt by Spectrum received of a complete
response from the FDA indicating that it was not approving the NDA
for EVOMELA, the value of Spectrum shares declined
significantly.
Attorneys at Brower Piven have extensive
experience in litigating securities and other class action cases
and have been advocating for the rights of shareholders since the
1980s. If you choose to retain counsel, you may retain Brower Piven
without financial obligation or cost to you, or you may retain
other counsel of your choice. You need take no action at this time
to be a member of the class.
Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
hoffman@browerpiven.com
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