Cohen Milstein Sellers & Toll PLLC Announces Investigation of Spectrum Pharmaceuticals, Inc.
October 20 2016 - 10:17AM
Business Wire
Cohen Milstein Sellers & Toll PLLC is conducting an
investigation to determine whether Spectrum Pharmaceuticals, Inc.
(“Spectrum” or the “Company”) and certain of its officers and
directors made false and misleading statements and/or omissions in
violation of Sections 10(b) and 20(a) of the Securities Exchange
Act of 1934.
Class action lawsuits were filed in the U.S. District Court for
the Central District of California and the District of Nevada by
other law firms on behalf of purchasers of the common stock of
Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) between February 28,
2013 and September 16, 2016, inclusive (the “Class Period”).
Spectrum is a pharmaceutical company with a primary focus on
drug products for hematology and oncology, including apaziquone, a
treatment for non-muscle invasive bladder cancer. Spectrum
completed two Phase III studies on apaziquone, the 611 study and
the 612 study, in 2012. Neither study met its primary endpoint.
The complaint alleges that Spectrum and certain of its officers
and directors (“Defendants”) misrepresented and/or failed to
disclose that: (1) Spectrum met with the United States Food and
Drug Administration (“FDA”) in December 2012 to discuss apaziquone
at which time the FDA told Spectrum it should not submit a new drug
application (“NDA”) because of the results of the 611 and 612
studies; (2) at the same time the FDA questioned whether certain
aspects of the 611 and 612 studies were clinically meaningful; and
(3) as a result, Defendants’ public statements about Spectrum’s
business, operations and prospects were materially false and
misleading at all relevant times.
On September 14, 2016, the FDA’s Oncologic Drug Advisory
Committee denied the apaziquone NDA, finding the drug had “not
shown substantial evidence of a treatment effect over placebo in
patients with non-muscle invasive bladder cancer (NMIBC).” The FDA
also updated its website with documents from the Advisory Committee
meeting, which included a document referencing the 2012 meeting
about apaziquone, and noted the FDA’s recommendation to Spectrum at
that time not to file an NDA. The price of Spectrum stock fell from
$5.49 on September 13, 2016 to $5.04 on September 14, 2016.
On September 16, 2016, an article was published on TheStreet.com
discussing the December 2012 meeting and Spectrum’s failure to
disclose the FDA’s negative opinion on the Phase III studies. The
price of Spectrum stock fell from $4.82 on September 16, 2016 to
$4.72 on September 19, 2016.
Cohen Milstein encourages all investors who purchased Spectrum
common stock between February 28, 2013 and September 16, 2016, or
former employees with information concerning this matter to contact
the firm.
If you are a Spectrum shareholder and would like to discuss your
right to recover for your economic loss, you may, without any cost
or obligation, call Cohen Milstein’s Managing Partner, Steven J.
Toll at (888) 240-0775 or (202) 408-4600, or email him at
stoll@cohenmilstein.com. If you wish to serve as lead plaintiff,
you must move the Court no later than November 21, 2016 to request
appointment. Any member of the proposed class may retain Cohen
Milstein or other attorneys to serve as your counsel in this
action, or you may do nothing and remain an absent class
member.
Cohen Milstein has significant experience in prosecuting
investor class actions and actions involving securities fraud, and
is active in major litigation pending in federal and state courts
throughout the nation. Cohen Milstein has taken a lead role in
numerous important cases on behalf of defrauded investors, and has
been responsible for a number of outstanding recoveries which, in
the aggregate, total over two billion dollars. Prior results do not
guarantee a similar outcome. For more information visit
www.cohenmilstein.com.
If you have any questions about this notice or the action, or
with regard to your rights, please contact either of the
following:
Steven J. Toll, Esq.Robin BleiweisCohen Milstein Sellers &
Toll PLLC1100 New York Avenue, N.W.Suite 500 EastWashington, D.C.
20005Telephone: (888) 240-0775 or (202) 408-4600Email:
stoll@cohenmilstein.com; rbleiweis@cohenmilstein.com
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version on businesswire.com: http://www.businesswire.com/news/home/20161020005959/en/
Cohen Milstein Sellers & Toll PLLCSteven J. Toll, Esq.,
888-240-0775 or 202-408-4600stoll@cohenmilstein.comorRobin
Bleiweis, 888-240-0775 or
202-408-4600rbleiweis@cohenmilstein.com
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