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Glancy Binkow & Goldberg LLP Announces Filing of a Class Action Lawsuit Against Spectrum Pharmaceuticals, Inc.

2013-03-29 20:30 ET - News Release

Company Website: http://www.glancylaw.com/
LOS ANGELES -- (Business Wire)

Glancy Binkow & Goldberg LLP, representing investors of Spectrum Pharmaceuticals, Inc. (“Spectrum” or the “Company”) (NASDAQ:SPPI), has filed a class action lawsuit in the United States District Court for the District of Nevada on behalf of a class (the “Class”) comprising all purchasers of Spectrum securities between August 8, 2012 and March 12, 2013, inclusive (the “Class Period”). The Complaint alleges that throughout the Class Period the Company and certain of its executive officers issued false and/or misleading statements or failed to disclose material adverse facts concerning the Company’s business and financial prospects.

A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150, Toll-Free at (888) 773-9224, or by email at shareholders@glancylaw.com.

Spectrum engages in the acquisition, development and commercialization of prescription drug products, primarily in the areas of hematology and oncology. The Company’s oncology products include FUSILEV, for patients with osteosarcoma after high-dose methotrexate therapy, to diminish toxicity and counteract the effects of impaired methotrexate elimination or inadvertent overdose of folic acid antagonists. The Complaint alleges that defendants misrepresented and/or failed to disclose: (1) the negative impact that the increasing availability of leucovorin -- a generic drug version of Spectrum’s FUSILEV -- would have on the Company’s share price; (2) that the purported advantages of FUSILEV over leucovorin would not be sufficient for clinics and hospitals to continue to choose the more expensive FUSILEV once leucovorin was available in larger quantities; and (3) that defendants lacked a reasonable basis for their positive statements about the Company and its revenue and earnings during the Class Period.

After the market closed on March 12, 2013 Spectrum issued a press release reporting that sales of FUSILEV would be dropping significantly due to anticipated changes in ordering patterns for FUSILEV. The Company also announced full-year 2013 revenue guidance in the range of $160-$180 million, which was far below analysts’ revenue predictions of $297.33 million.

Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions and substantial expertise in actions involving corporate fraud.

No class has yet been certified in this action. To be a member of the Class you need not take any action at this time, or you may retain counsel of your choice. If you purchased Spectrum securities during the Class Period you have certain rights, and have until May 13, 2013 to move for lead plaintiff status. If you wish to learn more about this action, or have any questions concerning your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


Glancy Binkow & Goldberg LLP, Los Angeles, CA
Michael Goldberg
(310) 201-9150 or (888) 773-9224

Source: Glancy Binkow & Goldberg LLP

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