Lawsuit on Behalf of Spectrum Pharmaceuticals, Inc. (SPPI) Investors Announced
by Shareholders Foundation
SAN DIEGO, March 20, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation,
Inc. announces that a lawsuit was filed on behalf of certain purchasers of
Spectrum Pharmaceuticals, Inc. (SPPI) common stock over alleged violations of
Federal Securities Laws by Spectrum Pharmaceuticals, Inc. in connection with
certain allegedly false and misleading statements made between August 8, 2012,
and March 12, 2013 in regards to the drug FUSILEV®.
If you purchased a significant amount of common stock of Spectrum
Pharmaceuticals, Inc. (SPPI) between August 8, 2012, and March 12, 2013 and
/or if you purchased SPPI shares priorto August 2012 and currently hold any
of those shares, you have certain options and you should contact the
Shareholders Foundation, Inc. by e-mail at email@example.com or
call +1 (858) 779-1554.
The plaintiff alleges that Spectrum Pharmaceuticals, Inc. and certain of its
officers and directors violated the Securities Exchange Act of 1934.
More specifically, the plaintiff claims that between August 8, 2012 and March
12, 2013 defendants allegedly continually dismissed concerns that sales of
FUSILEV would be adversely affected by increased supplies of leucovorin and
allegedly concealed the impact that the increased availability of leucovorin
would have on FUSILEV sales.
The plaintiff says that as a result of defendants' statements, SPPI stock
traded at inflated prices between August 8, 2012 and March 12, 2013, reaching
a high of $13.05 per share on September 18, 2012.
Then on March 12, 2013, Spectrum Pharmaceuticals, Inc. commented on
anticipated first quarter performance and updated its 2013 outlook for the
Company. Spectrum Pharmaceuticals, Inc. said that based upon recent
communications with customers it anticipates a change in ordering patterns of
FUSILEV®following the recentstabilization of the folate analog market.
Spectrum Pharmaceuticals, Inc. said it expects that FUSILEV sales will be
approximately$10 to $15 millionfor the first quarter of the year, and
approximately$80 to $90 millionfor the 2013 fiscal year. Furthermore,
Spectrum Pharmaceuticals, Inc. said that itanticipates total company revenues
in the range of$160 to $180 millionfor the full-year 2013.
Shares of Spectrum Pharmaceuticals, Inc. declined from $12.46 on March 12,
2013, to as low as $7.25 on March 19, 2013.
The plaintiff seeks to recover damages.
Those who purchased shares of Spectrum Pharmaceuticals, Inc. have certain
options and should contact the Shareholders Foundation, Inc. by e-mail at
firstname.lastname@example.org or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring
and settlement claim filing service, which does research related to
shareholder issues and informs investors of securities class actions,
settlements, judgments, and other legal related news to the stock/financial
market. The Shareholders Foundation, Inc. is not a law firm. The information
is provided as a public service. It is not intended as legal advice and should
not be relied upon.
The Shareholders Foundation, Inc. logo is available at
CONTACT: Shareholders Foundation, Inc.
+1 (858) 779-1554
3111 Camino Del Rio North
San Diego, CA 92108
Press spacebar to pause and continue. Press esc to stop.