Spectrum Pharmaceuticals, Inc. Class Action Lawsuit - SPPI
- Company Name
- Spectrum Pharmaceuticals, Inc.
- Stock Symbol
- Class Period
- December 27, 2018 to August 5, 2021
- Motion Deadline
- October 30, 2021
- District of Nevada
The Spectrum Pharmaceuticals class action lawsuit charges Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) and certain of its top executives with violations of the Securities Exchange Act of 1934. The Spectrum Pharmaceuticals class action lawsuit seeks to represent purchasers of Spectrum Pharmaceuticals securities between December 27, 2018 and August 5, 2021, inclusive (the “Class Period”). The Spectrum Pharmaceuticals class action lawsuit was commenced on August 31, 2021 in the District of Nevada and is captioned Luo v. Spectrum Pharmaceuticals, Inc., No. 21-cv-01612.
If you wish to serve as lead plaintiff of the Spectrum Pharmaceuticals class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Spectrum Pharmaceutical class action lawsuit must be filed with the court no later than November 1, 2021.
CASE ALLEGATIONS: Spectrum Pharmaceuticals is a biopharmaceutical company whose products under development include, among others, ROLONTIS (eflapegrastim), a novel long-acting granulocyte colony-stimulating factor for chemotherapy-induced neutropenia. In December 2018, Spectrum Pharmaceuticals submitted a Biologics License Application (“BLA”) to the U.S. Food and Drug Administration (“FDA”) for ROLONTIS as a treatment for chemotherapy-induced neutropenia (the “ROLONTIS BLA”).
The Spectrum Pharmaceuticals class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) the ROLONTIS manufacturing facility maintained deficient controls and/or procedures; (ii) the foregoing deficiencies decreased the likelihood that the FDA would approve the ROLONTIS BLA in its current form; (iii) Spectrum Pharmaceuticals had therefore materially overstated the ROLONTIS BLA’s approval prospects; and (iv) as a result, Spectrum Pharmaceuticals’ public statements were materially false and misleading at all relevant times.
On August 6, 2021, Spectrum Pharmaceuticals announced receipt of a Complete Response Letter (“CRL”) from the FDA regarding the ROLONTIS BLA. The CRL cited deficiencies related to manufacturing and indicated that a reinspection of Spectrum Pharmaceuticals’ manufacturing facility will be necessary. On this news, Spectrum Pharmaceuticals’ stock price fell more than 21%, damaging investors
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Spectrum Pharmaceuticals securities during the Class Period to seek appointment as lead plaintiff in the Spectrum Pharmaceuticals class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Spectrum Pharmaceuticals class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Spectrum Pharmaceuticals class action lawsuit. An investor’s ability to share in any potential future recovery of the Spectrum Pharmaceuticals class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other securities plaintiffs’ firm.