WAYNE, Pa., March 15, 2013 /PRNewswire/ -- Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/sppi) announces that a class action lawsuit has been filed in the United States District Court for the District of Nevada on behalf of purchasers of Spectrum Pharmaceuticals, Inc. ("Spectrum") (NASDAQ: SPPI) common stock during the period between August 8, 2012 and March 12, 2013, inclusive (the "Class Period").
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at email@example.com or visit: www.rmclasslaw.com/cases/sppi.
The complaint charges Spectrum and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Spectrum is a biotechnology company with integrated commercial and drug development operations with a focus on hematology and oncology. In the United States, it markets two oncology drugs, FUSILEV® and ZEVALIV®.
The complaint alleges that throughout the Class Period, defendants violated the federal securities laws by disseminating false and misleading statements to the investing public in connection with FUSILEV, continually dismissing concerns that sales of FUSILEV would be adversely affected by increased supplies of leucovorin and concealing the impact that the increased availability of leucovorin would have on FUSILEV sales. As a result of defendants' false statements, Spectrum's stock traded at artificially inflated prices during the Class Period, reaching a high of $13.05 per share on September 18, 2012.
On March 12, 2013, after the market closed, Spectrum issued a press release providing its full-year revenue outlook. The Company reported that sales of FUSILEV would be dropping significantly due to anticipated changes in ordering patterns for FUSILEV, which were due in part to the recent stabilization of the folate analog market. Additionally, the Company forecast full-year 2013 revenues in the range of $160 to $180 million, much lower than analysts' revenue expectations of $297.33 million for 2013. On this news, Spectrum's stock plummeted $4.64 per share to close at $7.79 per share on March 13, 2013, a one-day decline of 37% on volume of 22.5 million shares.
If you are a member of the class, you may, no later than May 13, 2013, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/sppi or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at firstname.lastname@example.org. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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