This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Spectrum Pharmaceuticals, Inc. Sued By Shareholders

SAN DIEGO and HENDERSON, Nev., March 21, 2013 /PRNewswire/ --  Shareholder rights attorneys at Robbins Arroyo LLP announce that purchasers of Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) common stock have filed a complaint in the U.S. District Court for the District of Nevada.  The complaint charges the company and certain of its officers and directors with violating the Securities Exchange Act of 1934 between August 8, 2012, and March 12, 2013 (the "Class Period").  

(Logo:  http://photos.prnewswire.com/prnh/20130103/MM36754LOGO)

Spectrum Officials Accused of Misrepresenting to Shareholders the Sales Prospects of Cancer Drug FUSILEV

The complaint alleges that Spectrum, a biotechnology company with fully integrated commercial and drug development operations and a focus in hematology and oncology, and certain of its officers and directors issued a series of materially false and misleading statements to investors regarding the sales prospects of its oncology drug, FUSILEV, a drug intended as a treatment for advanced metastatic colorectal cancer.  Specifically, the complaint alleges that throughout the Class Period, company officials misrepresented and failed to disclose the potential negative impact on sales of FUSILEV presented by the increased availability of generic drug Leucovorin.  While Spectrum officials issued statements downplaying the potential impact of generic alternatives, the company's stock traded at artificially inflated prices, reaching a high of $13.05 per share on September 18, 2012. 

Spectrum Stock Price Drops Following Its 2013 Decreased Revenue Guidance: Concerned Shareholders Respond with Lawsuit

On March 12, 2013, the company issued a press release announcing that sales of its drug, FUSILEV, would be significantly lower during 2013 due to the recent stabilization of the folate analog market and the increased availability of generic drug Leucovorin.  As a result, the company decreased its 2013 revenue guidance from approximately $300 million to as low as $160 million.  In response to this news, Spectrum shares declined $4.64 per share, or approximately 37%, closing at $7.79 per share on March 13, 2013.

Robbins Arroyo LLP highlights that concerned Spectrum shareholders have several potential options available to them.  To discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003, ddonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website. 

Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law.  The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.  For more information, please go to http://www.robbinsarroyo.com.

Press release link: http://www.robbinsarroyo.com/shareholders-rights-blog/spectrum-pharmaceuticals/

Attorney Advertising. Past results do not guarantee a similar outcome.  

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,102.38 -272.38 -1.66%
S&P 500 1,921.22 -29.91 -1.53%
NASDAQ 4,683.9190 -49.5780 -1.05%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs