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Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline in the Class Action Lawsuit Against Spectrum Pharmaceuticals, Inc.

2013-03-26 13:26 ET - News Release


BENSALEM, Pa. -- (Business Wire)

Law Offices of Howard G. Smith announces that investors of Spectrum Pharmaceuticals, Inc. (“Spectrum” or the “Company”) (NASDAQ:SPPI) have until May 13, 2013 to move the Court to serve as lead plaintiff in the securities fraud lawsuit filed in the United States District Court for the District of Nevada on behalf of a class (the “Class”) comprising all purchasers of Spectrum common stock between April 28, 2011 and March 7, 2013, inclusive (the “Class Period”). Spectrum engages in acquiring, developing and commercializing prescription drug products, primarily in the areas of hematology and oncology.

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 drug 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.

If you are a member of the Class described above, you have certain rights, and have until May 13, 2013 to move for lead plaintiff status. To be a member of the Class you need not take any action at this time, or may retain counsel of your choice. If you wish to discuss this action or learn more concerning your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at 215-638-4847, Toll-Free at 888-638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.

Contacts:

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com

Source: Law Offices of Howard G. Smith

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