Spectrum Pharmaceuticals Shareholder Alert: Briscoe Law and Powers Taylor
Investigate Possible Breaches of Fiduciary Duty by Officers and Directors
DALLAS -- March 21, 2013
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
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.
The Briscoe Law Firm, PLLC
Willie Briscoe, 214-239-4568
Powers Taylor, LLP
Zachary Groover, 877-728-9607
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