WASHINGTON--(BUSINESS WIRE)--
Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Spectrum Pharmaceuticals, Inc. (“Spectrum” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Class action lawsuits were filed in the U.S. District Court for the Central District of California and the District of Nevada by other law firms on behalf of purchasers of the common stock of Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) between February 28, 2013 and September 16, 2016, inclusive (the “Class Period”).
Spectrum is a pharmaceutical company with a primary focus on drug products for hematology and oncology, including apaziquone, a treatment for non-muscle invasive bladder cancer. Spectrum completed two Phase III studies on apaziquone, the 611 study and the 612 study, in 2012. Neither study met its primary endpoint.
The complaint alleges that Spectrum and certain of its officers and directors (“Defendants”) misrepresented and/or failed to disclose that: (1) Spectrum met with the United States Food and Drug Administration (“FDA”) in December 2012 to discuss apaziquone at which time the FDA told Spectrum it should not submit a new drug application (“NDA”) because of the results of the 611 and 612 studies; (2) at the same time the FDA questioned whether certain aspects of the 611 and 612 studies were clinically meaningful; and (3) as a result, Defendants’ public statements about Spectrum’s business, operations and prospects were materially false and misleading at all relevant times.
On September 14, 2016, the FDA’s Oncologic Drug Advisory Committee denied the apaziquone NDA, finding the drug had “not shown substantial evidence of a treatment effect over placebo in patients with non-muscle invasive bladder cancer (NMIBC).” The FDA also updated its website with documents from the Advisory Committee meeting, which included a document referencing the 2012 meeting about apaziquone, and noted the FDA’s recommendation to Spectrum at that time not to file an NDA. The price of Spectrum stock fell from $5.49 on September 13, 2016 to $5.04 on September 14, 2016.
On September 16, 2016, an article was published on TheStreet.com discussing the December 2012 meeting and Spectrum’s failure to disclose the FDA’s negative opinion on the Phase III studies. The price of Spectrum stock fell from $4.82 on September 16, 2016 to $4.72 on September 19, 2016.
Cohen Milstein encourages all investors who purchased Spectrum common stock between February 28, 2013 and September 16, 2016, or former employees with information concerning this matter to contact the firm.
If you are a Spectrum shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at [email protected]. If you wish to serve as lead plaintiff, you must move the Court no later than November 21, 2016 to request appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud, and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over two billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Robin Bleiweis
Cohen Milstein Sellers &
Toll PLLC
1100 New York Avenue, N.W.
Suite 500 East
Washington,
D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: [email protected];
[email protected]
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