NEW YORK, Sept. 1, 2021 /PRNewswire/ — Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Spectrum Pharmaceuticals, Inc. («Spectrum» or the «Company») (NASDAQ: SPPI) from December 27, 2018 through August 5, 2021 (the «Class Period»). The lawsuit filed in the United States District Court for the District of Nevada alleges violations of the Securities Act of 1934.
If you purchased Spectrum securities, and/or would like to discuss your legal rights and options please visit Spectrum Shareholder Class Action Lawsuit or contact Rujul Patel toll free at (877) 779-1414 or email@example.com
According to the complaint, Spectrum issued materially false and/or misleading statements and failed to disclose adverse facts pertaining to the quality and integrity of the scientific data supporting the company’s claims of efficacy for its drug ROLONTIS (eflapegrastim), a novel long-acting granulocyte colony-stimulating factor for chemotherapy-induced neutropenia, which were known to, or recklessly disregarded by, the Defendants as follows: (a) the ROLONTIS manufacturing facility maintained deficient controls and/or procedures; (b) the foregoing deficiencies decreased the likelihood that the U.S. Food and Drug Administration («FDA») would approve the ROLONTIS Biologics License Application («BLA») as submitted in December 2018 in its current form; (c) Spectrum had therefore materially overstated the ROLONTIS BLA’s approval prospects; and (D) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On August 6, 2021, Spectrum 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 the Company’s manufacturing facility will be necessary.
On this news, the price of Spectrum shares fell $0.70 per share, or 21.54%, to close at $2.55 per share on August 6, 2021.
If you wish to serve as lead plaintiff, you must move the Court no later than November 1, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Spectrum securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/spectrumpharmaceuticalsinc-sppi-shareholder-class-action-lawsuit-fraud-stock-437/apply/ or contact Rujul Patel toll free at (877) 779-1414 or firstname.lastname@example.org
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s «Plaintiffs’ Hot List» thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE Bernstein Liebhard LLP