SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders With Losses on
Their Investment in Spectrum Pharmaceuticals, Inc. of Class Action Lawsuit and
Upcoming Deadline -- SPPI
NEW YORK, April 19, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford
Dahlstrom & Gross LLP has filed a class action lawsuit against Spectrum
Pharmaceuticals, Inc. ("Spectrum" or the "Company") (Nasdaq:SPPI) and certain
of its officers. The class action filed in United States District Court,
District Of Nevada, and docketed under 2:13-cv-00502, is on behalf of a class
consisting of all persons or entities who purchased or otherwise acquired
securities of Spectrum between August 8, 2012 and March 12, 2013, both dates
inclusive (the "Class Period"). This class action seeks to recover damages
against the Company and certain of its officers and directors as a result of
alleged violations of the federal securities laws pursuant to Sections 10(b)
and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated
If you are a shareholder who purchased Spectrum securities during the Class
Period, you have until May 13, 2013 to ask the Court to appoint you as Lead
Plaintiff for the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at
email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237.
Those who inquire by e-mail are encouraged to include their mailing address,
telephone number, and number of shares purchased.
Spectrum is a biotechnology company with integrated commercial and drug
development operations with a focus on hematology and oncology in the United
States. Spectrum primarily markets two oncology drugs, FUSILEV^®
(levoleucovorin) ("FUSILEV") and ZEVALIN.
The Complaint alleges that throughout the Class Period, Defendants made false
and/or misleading statements, as well as failed to disclose material adverse
facts about the Company's business, and operations. Specifically, throughout
the Class Period, defendants violated the federal securities laws by
disseminating false and misleading statements to the investing public in
connection with Spectrum's oncology drug FUSILEV, a folate analog used for the
treatment of patients with advanced metastatic colorectal cancer, and
concealed the impact that the increased availability of a competing generic
drug (leucovorin) would have on sales of FUSILEV. 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,
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, the Company's highest revenue-generating drug, would be dropping
significantly due to anticipated changes in ordering patterns for FUSILEV, due
in part to the recent stabilization of the folate analog market. The Company
reported sales would be approximately $10 to $15 million for the first quarter
of 2013, and approximately $80 to $90 million for the fiscal year 2013.
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
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego,
is acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the Pomerantz Firm
pioneered the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of fiduciary duty,
and corporate misconduct. The Firm has recovered numerous multimillion-dollar
damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
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