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
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 firstname.lastname@example.org,
or visit our website at http://www.howardsmithlaw.com.
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
Source: Law Offices of Howard G. Smith
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