LAS VEGAS, Feb. 19, 2016 /PRNewswire/ -- The following press release was issued today by LABATON SUCHAROW LLP:
UNITED STATES DISTRICT COURT, DISTRICT OF NEVADA
In re: SPECTRUM PHARMACEUTICALS, INC., SECURITIES LITIGATION
Case No. 2:13-cv-00433-LDG (CWH)
(NASDAQ Ticker: SPPI)
TO: ALL PERSONS AND ENTITIES THAT PURCHASED OR ACQUIRED SPECTRUM PHARMACEUTICALS, INC. PUBLICLY TRADED COMMON STOCK (INCLUDING THROUGH THE EXERCISE OF WARRANTS OR OPTIONS) AND/OR CALL OPTIONS, AND/OR SOLD PUBLICLY TRADED SPECTRUM PUT OPTIONS, DURING THE PERIOD FROM AUGUST 8, 2012 THROUGH MARCH 12, 2013, INCLUSIVE (THE "CLASS PERIOD"), AND WERE ALLEGEDLY DAMAGED THEREBY.
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the District of Nevada, that Arkansas Teacher Retirement System ("Lead Plaintiff"), on behalf of itself and the Settlement Class, and Spectrum Pharmaceuticals, Inc. ("Spectrum"), Rajesh C. Shrotriya, Brett L. Scott, and Joseph Kenneth Keller (collectively "Defendants") have reached a proposed settlement in the above-captioned action (the "Action") in the amount of $7,000,000 in cash (the "Settlement Amount"), that, if approved, will resolve all claims in the Action (the "Settlement").
A hearing will be held before the Honorable Lloyd D. George of the United States District Court for the District of Nevada in the Lloyd D. George U.S. Courthouse, 333 Las Vegas Boulevard South, Las Vegas, NV at 10:00 a.m. on June 13, 2016 to, among other things, determine whether (1) the proposed Settlement should be approved by the Court as fair, reasonable, and adequate; (2) this Action should be dismissed with prejudice as set forth in the Stipulation and Agreement of Settlement, dated November 19, 2015; (3) the proposed Plan of Allocation for distribution of the Settlement Amount, and any interest thereon, less Court-awarded attorneys' fees, Notice and Administration Expenses, Taxes, and any other costs, fees, or expenses approved by the Court (the "Net Settlement Fund") should be approved as fair and reasonable; and (4) the application of Lead Counsel for an award of attorneys' fees and payment of litigation expenses should be approved. The Court may change the date of the Settlement Hearing without providing another notice. You do NOT need to attend the Settlement Hearing in order to receive a distribution from the Net Settlement Fund.
IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE PROPOSED SETTLEMENT AND YOU MAY BE ENTITLED TO SHARE IN THE NET SETTLEMENT FUND. If you have not yet received the full Notice of Pendency of Class Action, Proposed Settlement, and Motion for Attorneys' Fees and Expenses (the "Notice") and a Proof of Claim and Release form ("Claim Form"), you may obtain copies of these documents by contacting the Claims Administrator or visiting its website:
Spectrum Pharmaceuticals, Inc., Securities Litigation
c/o Analytics, Claims Administrator
P.O. Box 2007
Chanhassen, MN 55317-2007
Inquiries, other than requests for the aforementioned documents or for information about the status of a claim, may also be made to Lead Counsel:
If you are a Settlement Class Member, to be eligible to share in the distribution of the Net Settlement Fund, you must submit a Claim Form postmarked or received no later than June 9, 2016. If you are a Settlement Class Member and do not timely submit a valid Claim Form, you will not be eligible to share in the distribution of the Net Settlement Fund, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.
To exclude yourself from the Settlement Class, you must submit a written request for exclusion in accordance with the instructions set forth in the Notice such that it is received no later than May 23, 2016. If you are a Settlement Class Member and do not exclude yourself from the Settlement Class, you will be bound by any judgments or orders entered by the Court in the Action.
Any objections to the proposed Settlement, Plan of Allocation, and/or application for attorneys' fees and payment of expenses must be mailed to counsel for the Parties in accordance with the instructions set forth in the Notice, such that they are received no later than May 23, 2016 and filed with the Court no later than May 23, 2016.
PLEASE DO NOT CONTACT THE COURT, DEFENDANTS, OR DEFENDANTS' COUNSEL REGARDING THIS NOTICE. ALL QUESTIONS ABOUT THIS NOTICE, THE PROPOSED SETTLEMENT, OR YOUR ELIGIBILITY TO PARTICIPATE IN THE SETTLEMENT SHOULD BE DIRECTED TO LEAD COUNSEL AT THE ADDRESS LISTED ABOVE.
DATED: FEBRUARY 19, 2016
BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
DISTRICT OF NEVADA
SOURCE Labaton Sucharow LLP