|[March 22, 2013]
Abraham, Fruchter & Twersky, LLP Announces That a Class Action Lawsuit Has Been Filed against Spectrum Pharmaceuticals, Inc.
NEW YORK --(Business Wire)--
Abraham, Fruchter & Twersky, LLP announces that a securities class
action lawsuit has been filed in the United States District Court for
the District of Nevada on behalf of all persons or entities who
purchased the common stock of Spectrum (News - Alert) Pharmaceuticals, Inc. ("Spectrum"
or the "Company") (NASDAQ:SPPI) from August 8, 2012 through March 12,
2013, inclusive (the "Class Period"). The complaint alleges violations
of Section 10(b) of the Securities and Exchange Act of 1934 and Rule
10b-5, promulgated thereunder, against the Company and certain of its
officers and directors.
The complaint alleges that throughout the Class Period, defendants made
false and misleading statements to the investing public by dismissing
concerns that sales of FUSILEV® (an oncology drug
manufactured by Spectrum) would be adversely affected by increased
supplies of leucovorin (a generic and competing drug of FUSILEV) and
concealing the impact that the increased availability of leucovorin
would have on FUSILEV sales. The complaint alleges that the defendants
knew that when the availability of leucovorin increased, Spectrum would
not be able to sustain its business outlook and revenue projections.
After the market closed on March 12, 2013, Spectrum surprised the market
by reporting in a press release that sales of FUSILEV would be dropping
significantly due to "a change in ordering patterns of FUSILEV." The
Company also decreased their full-year 2013 revenues forecast to a range
of $160 to $180 million, significantly lower than analysts' revenue
expectations of $297.33 million. In a reaction to this news, shares of
Spectrum common stock fell $4.64 per share, or 37%, on extremely high
trading volume of 22.5 million shares.
If you purchased the common stock of Spectrum from August 8, 2012
through March 12, 2013 (the "Class") and you wish to serve as lead
plaintiff in this action, you must move the Court no later than May 16,
2013. Any member of the proposed class may move the Court to serve as
lead plaintiff through counsel of their choice, or may choose to do
nothing and remain a member of the proposed class.
If you would like to discuss this action or if you have any questions
concerning this notice or your rights as a potential class member or
lead plaintiff, you may contact: Arthur J. Chen of Abraham, Fruchter &
Twersky, LLP toll free at (800) 440-8986, or via e-mail at email@example.com
Abraham, Fruchter & Twersky, LLP has extensive experience in securities
class action cases, and the firm has been ranked among the leading class
action law firms in terms of recoveries achieved in a survey of class
action law firms conducted by Institutional Shareholder Services.
Arthur J. Chen
Abraham, Fruchter & Twersky, LLP
Penn Plaza, Suite 2805
New York, N.Y. 10119
Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.
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