Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, is investigating Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) (“Spectrum” or “The Company”) following the filing of a class-action lawsuit on behalf of investors. The firm encourages those who have suffered losses to contact Hagens Berman Partner Reed Kathrein, who is leading the Firm’s investigation, by emailing SPPI@hbsslaw.com.
A class-action lawsuit filed in U.S. District Court identifies a class of Spectrum investors who purchased stock in the company between August 8, 2012, and March 12, 2013, inclusive (the “class period”). Those who suffered significant losses and wish to move to be a lead plaintiff may also contact the firm by calling (510) 725-3000.
Investors who wish to serve as lead plaintiff in the case must move the court no later than May 13, 2013. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
On March 12, 2013, Spectrum disclosed to investors that it would significantly lower its 2013 revenue guidance on concerns that sales of its drug FUSILEV would be lower than expected. Following the disclosure, Spectrum’s stock price fell dramatically, from a close of $12.43 per share on March 12 to a close of $7.79 per share on March 13. The stock has continued to trade at or around $7.00 since the disclosure.Hagens Berman’s investigation centers around whether Spectrum knew and failed to disclose to investors concerns about the sales of FUSILEV. “We are concerned that Spectrum knew that generic competition would substantially impact the company’s revenues and failed to disclose these concerns to investors,” said Mr. Kathrein. “We believe the company’s alleged failure to come clean with investors about these issues may have artificially inflated the stock price, resulting in very significant investor losses.”
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