The O'Mara Law Firm Files Class Action Suit Against Spectrum Pharmaceuticals, Inc. and Reminds Investors of Lead Plaintiff

The O'Mara Law Firm Files Class Action Suit Against Spectrum Pharmaceuticals,
Inc. and Reminds Investors of Lead Plaintiff Deadline

RENO, Nev., April 18, 2013 (GLOBE NEWSWIRE) -- The O'Mara Law Firm announces
that it commenced a securities class action lawsuit in the United States
District Court for the District of Nevada on behalf of purchasers of Spectrum
Pharmaceuticals, Inc. ("Spectrum") (Nasdaq:SPPI) common stock during the
period between August 8, 2012 and March 12, 2013, inclusive (the "Class
Period").

The complaint charges Spectrum and certain of its officers and directors with
violations of the Securities Exchange Act of 1934. Spectrum is a biotechnology
company with integrated commercial and drug development operations with a
focus on hematology and oncology.In the United States, it markets two
oncology drugs, FUSILEV^® and ZEVALIV^®.

FUSILEV is a folate analog used for the treatment of patients with advanced
metastatic cancer.The key competitive formulation to FUSILEV was a generic
drug, leucovorin.In 2008 and 2009, leucovorin supplies declined as one
manufacturer reported low stockpiles due to increased demand and another
stopped production due to expansion of its facility.These shortages of
leucovorin represented a huge opportunity for Spectrum, as it was able to
increase its sales of FUSILEV.

The complaint alleges that throughout the Class Period, defendants violated
the federal securities laws by disseminating false and misleading statements
to the investing public in connection with FUSILEV, continually dismissing
concerns that sales of FUSILEV would be adversely affected by increased
supplies of leucovorin and concealing the impact that the increased
availability of leucovorin would have on FUSILEV sales.As a result of
defendants' false statements, Spectrum's stock traded at artificially inflated
prices during the Class Period, reaching a high of $13.05 per share on
September 18, 2012.

On March 12, 2013, after the market closed, Spectrum issued a press release
providing its full-year revenue outlook.The Company reported that sales of
FUSILEV would be dropping significantly due to anticipated changes in ordering
patterns for FUSILEV, which were due in part to the recent stabilization of
the folate analog market.Additionally, the Company forecast full-year 2013
revenues in the range of $160 to $180 million, much lower than analysts'
revenue expectations of $297.33 million for 2013.On this news, Spectrum's
stock plummeted $4.64 per share to close at $7.79 per share on March 13, 2013,
a one-day decline of 37% on volume of 22.5 million shares.

According to the complaint, the true facts, which were known by the defendants
but concealed from the investing public during the Class Period, were as
follows: (a) once the availability of leucovorin increased, Spectrum's sales
of FUSILEV would plummet; (b) the purported advantages of FUSILEV over
leucovorin would not be sufficient for clinics and hospitals to continue to
opt for the more expensive FUSILEV once leucovorin was available in larger
quantities; and (c) based upon the above, defendants lacked a reasonable basis
for their positive statements about the Company and its revenue and earnings
during the Class Period.

Plaintiffs seek to recover damages on behalf of all purchasers of Spectrum
common stock during the Class Period (the "Class").

If you wish to serve as lead plaintiff, you 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.If you wish to join this litigation or
discuss your rights or interests, or if you would like a copy of the
complaint, please contact plaintiffs' counsel, David O'Mara of The O'Mara Law
Firm at 775-323-1321, or via e-mail at david@omaralaw.net.

The O'Mara Law Firm is a full-service law firm located in Reno, Nevada,
serving a wide range of clients in both state and federal courts.With
experience in areas such as complex commercial and civil litigation, the
O'Mara Law Firm prosecutes securities class action litigation and actions
involving financial fraud.

Attorney advertising.Prior results do not guarantee a similar outcome. Please
visit http://www.omaralaw.net for more information.

CONTACT: The O'Mara Law Firm
         David O'Mara
         775-323-1321
         david@omaralaw.net
 
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