NEW YORK--(BUSINESS WIRE)--
Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) resulting from allegations that Spectrum may have issued materially misleading business information to the investing public.
On September 14, 2016, an advisory committee to the U.S. Food and Drug Administration (“FDA”) unanimously voted against approval of Spectrum’s bladder cancer treatment, Qapzola™ (“apaziquone”). On this news, shares of Spectrum fell $0.45 per share or 8% from its previous closing price to close at $5.04 per share on September 14, 2016.
On September 16, 2016, an article published by TheStreet revealed that in a December 2012 meeting with the FDA, the FDA advised Spectrum not to file a New Drug Application for apaziquone. Although the FDA gave this advice at a meeting in December 2012, Spectrum later told investors in a May 2015 conference call that “we took this data, met with the FDA, and our understanding is and our decision is that we can go ahead and file the NDA with this drug.” As one journalist recently wrote, that “was not a fully truthful summary of the FDA’s guidance to Spectrum.”
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Spectrum investors. If you purchased shares of Spectrum on or before September 14, 2016, please visit the firm’s website at http://www.rosenlegal.com/cases-955.html for more information. You may also contact Phillip Kim or Kevin Chan of Rosen Law Firm toll free at 866-767-3653 or via email at [email protected] or [email protected].
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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