BOSTON, Oct. 3, 2016 /PRNewswire/ -- Block &
Leviton LLP (http://www.blockesq.com) announces that it has filed a
class action lawsuit against Spectrum Pharmaceuticals Inc.
("Spectrum" or the "Company") (NASDAQ: SPPI) and its Chief
Executive Officer for violations of the federal securities laws.
The lawsuit expands the class period for Spectrum investors to
those who purchased between February 28,
2013 and September 14,
2016.
Shares in Spectrum plunged earlier this month after it was
revealed that the Company had failed to disclose that the FDA had
advised it not to submit a New Drug Application for its drug
candidate, apaziquone. Although the FDA gave this advice at a
meeting in December 2012, the Company
later told investors "we took this data, met with the FDA, and our
understanding is and our decision is that we can go ahead and file
the NDA with this drug." As one journalist wrote, that "was not a
fully truthful summary of the FDA's guidance to Spectrum."
The case is brought on behalf of investors who purchased or
otherwise acquired Spectrum securities between February 28, 2013 and September 14, 2016. It alleges that the
defendants made false and material misrepresentations about FDA
advice throughout the class period. According to the complaint,
Defendants suggested to investors that the FDA would accept a New
Drug Application for apaziquone, while failing to disclose that the
FDA had told the Company not to submit one.
If you wish to serve as a lead plaintiff, you must move the
Court no later than November 21,
2016. As a member of the class, you may seek to file a
motion to serve as a lead plaintiff or take no action and remain an
absent class member.
To learn more about your options or if you have any questions
about the litigation, please contact attorney Joel Fleming at (617) 398-5600, by email at
joel@blockesq.com, or visit http://www.blockesq.com/spectrum.
Confidentiality to whistleblowers or others with relevant
information is assured.
Block & Leviton LLP is a Boston-based law firm representing investors
nationwide. The firm's lawyers have collectively been prosecuting
securities cases on behalf of individual and institutional
investors for over 50 years, and have recovered billions of dollars
on their behalf.
The case filed by Block & Leviton is pending in the United
States District Court for District of Nevada, and is captioned Hartsock v.
Spectrum Pharmaceuticals, Inc., et al., No. 2:16-cv-02279. The
court is located at 333 S. Las Vegas Boulevard, Las Vegas, Nevada 89101. A previous case with
a shorter class period was filed on September 21, 2016 in United States District
Court for the Central District of California, Ayeni v. Spectrum
Pharmaceuticals, Inc. et al., No. 2:16-cv-07074.
CONTACT:
BLOCK & LEVITON LLP
Joel Fleming
(617) 398-5600
joel@blockesq.com
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SOURCE Block & Leviton LLP