INVESTOR ALERT: Brower Piven Encourages Shareholders Who Have Losses in Excess of $100,000 from Investment in Spectrum Pharma...
November 12 2015 - 6:17PM
Business Wire
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.
(NasdaqGS: 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20151112006749/en/
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
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