BOSTON, Oct. 3, 2016 /PRNewswire/ -- Block & Leviton LLP (http://www.blockesq.com) announces that it has filed a class action lawsuit against Spectrum Pharmaceuticals Inc. ("Spectrum" or the "Company") (NASDAQ: SPPI) and its Chief Executive Officer for violations of the federal securities laws. The lawsuit expands the class period for Spectrum investors to those who purchased between February 28, 2013 and September 14, 2016.
Shares in Spectrum plunged earlier this month after it was revealed that the Company had failed to disclose that the FDA had advised it not to submit a New Drug Application for its drug candidate, apaziquone. Although the FDA gave this advice at a meeting in December 2012, the Company later told investors "we took this data, met with the FDA, and our understanding is and our decision is that we can go ahead and file the NDA with this drug." As one journalist wrote, that "was not a fully truthful summary of the FDA's guidance to Spectrum."
The case is brought on behalf of investors who purchased or otherwise acquired Spectrum securities between February 28, 2013 and September 14, 2016. It alleges that the defendants made false and material misrepresentations about FDA advice throughout the class period. According to the complaint, Defendants suggested to investors that the FDA would accept a New Drug Application for apaziquone, while failing to disclose that the FDA had told the Company not to submit one.
If you wish to serve as a lead plaintiff, you must move the Court no later than November 21, 2016. As a member of the class, you may seek to file a motion to serve as a lead plaintiff or take no action and remain an absent class member.
To learn more about your options or if you have any questions about the litigation, please contact attorney Joel Fleming at (617) 398-5600, by email at firstname.lastname@example.org, or visit http://www.blockesq.com/spectrum. Confidentiality to whistleblowers or others with relevant information is assured.
Block & Leviton LLP is a Boston-based law firm representing investors nationwide. The firm's lawyers have collectively been prosecuting securities cases on behalf of individual and institutional investors for over 50 years, and have recovered billions of dollars on their behalf.
The case filed by Block & Leviton is pending in the United States District Court for District of Nevada, and is captioned Hartsock v. Spectrum Pharmaceuticals, Inc., et al., No. 2:16-cv-02279. The court is located at 333 S. Las Vegas Boulevard, Las Vegas, Nevada 89101. A previous case with a shorter class period was filed on September 21, 2016 in United States District Court for the Central District of California, Ayeni v. Spectrum Pharmaceuticals, Inc. et al., No. 2:16-cv-07074.
BLOCK & LEVITON LLP
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SOURCE Block & Leviton LLP