NEW YORK, Sept. 20, 2016 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Spectrum Pharmaceuticals, Inc. ("Spectrum" or the "Company") (NASDAQ: SPPI).
The investigation focuses on whether the Company and its executives violated federal securities laws by issuing materially misleading information about the Company. Specifically, on September 14, 2016, the U.S. Food and Drug Administration's Oncologic Drugs Advisory Committee (ODAC) voted against approval of Qapzola. On this news, the Company's stock declined.
On September 16, 2016, TheStreet published an article that revealed in a December 2012 meeting, the FDA advised Spectrum not to file a New Drug Application for its bladder cancer drug. Although the FDA gave this advice, the Company misrepresented to investors in a May 2015 conference call that "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." According to the article, that was not a fully truthful summary of the FDA's guidance to the Company.
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If you invested in Spectrum Pharmaceuticals stock or options and would like to discuss your legal rights, visit www.faruqilaw.com/SPPI. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected]. Faruqi & Faruqi, LLP also encourages anyone with information regarding Spectrum Pharmaceuticals' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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