[March 16, 2013]

Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Spectrum Pharmaceuticals, Inc.

The Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the District of Nevada on behalf of a class (the "Class") comprising all purchasers of the common stock of Spectrum (News - Alert) Pharmaceuticals, Inc. ("Spectrum" or the "Company") (NASDAQ:SPPI) between August 8, 2012 and March 12, 2013, inclusive (the "Class Period").

Spectrum, a biotechnology company, 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 that: (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) 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 larer quantities; and (3) 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 its full-year 2013 revenue guidance to be in the range of $160-$180 million, which fell far below analysts' revenue predictions of $297.33 million. In response to these disclosures, the price of Spectrum stock declined $4.64 per share, or 37%, to close on March 13, 2013, at $7.79 per share, on unusually heavy volume.

If you are a member of the Class described above, you may move the Court, no later than May 13, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to learn more about this action or have any questions concerning this Notice or 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.

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