Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that a federal class action lawsuit has been filed against Spectrum Pharmaceuticals, Inc. (“Spectrum Pharmaceuticals” or “Company”) (NasdaqGS: SPPI). The firms are investigating additional legal claims against the officers and Board of Directors of Spectrum Pharmaceuticals during the period of August 8, 2012 to March 12, 2013 (the “Class Period”). If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zachary Groover at Powers Taylor, LLP, toll free (877) 728-9607, via email at firstname.lastname@example.org. There is no cost or fee to you. In a recently filed federal class action complaint, Spectrum Pharmaceuticals and certain of its officers and directors were charged with violating certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that among other things, defendants’ misrepresented and/or failed to disclose that: (a) Spectrum’s sales of FUSILEV would drastically decline once the generic folate analong, leucovorin, was made available; (b) despite advertised advantages of FUSILEV over leucovorin, it would not be enough to convince clinics and hospitals to continue to use the more expensive FUSILEV once leucovorin was available in larger quantities; and (c) based upon the above, the defendants lacked a reasonable basis for their positive statements about the Company and its revenue earnings during the class period. According to the complaint, when the positive statements were released, the stock rose to a high of $13.05, but once the true facts were discovered, the price of Spectrum Pharmaceuticals stock fell significantly and closed at $7.79.
Shareholder rights attorney Willie Briscoe said, “Recent revelations about alleged improper business practices and procedures regarding key aspects of Spectrum Pharmaceuticals’ business and other misleading financial statements have prompted the firms to investigate possible breaches of fiduciary duties and other violations of state law by Spectrum Pharmaceuticals’ officers and directors. Based on our investigation, we are prepared to pursue litigation to preserve the company and the value of Spectrum Pharmaceuticals stock for all shareholders.”The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters. Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.