SPPI Class Action Lawsuit – Spectrum Pharmaceuticals Lawsuit
An SPPI class action lawsuit (Spectrum Pharmaceuticals Class Action Lawsuit) has been filed on behalf of investors who purchased Spectrum Pharmaceuticals Class Action Lawsuit (SPPI) securities between December 6, 2021 – September 22, 2022, inclusive. For more on the SPPI Lawsuit please contact us today.
Is There An SPPI Class Action Lawsuit?
On September 20, 2022, before the market opened, the FDA released a briefing document ahead of its scheduled September 22, 2022 ODAC meeting regarding poziotinib.
In sharp contrast to Defendants’ representations that the Zenith20 data was positive and that the required confirmatory Phase 3 trial was initiated and patients were being randomized, the briefing document identified material negative concerns about the efficacy and safety data supporting the pozi NDA, and revealed that Defendants’ Phase 3 confirmatory trial had not enrolled a single patient.
As a res ult of these disclosures, the price of Spectrum’s common stock declined from a closing price on September 19, 2022 of $1.06 per share, to close at $0.66 per share on September 20, 2022, a decrease of $0.40 per share or over 37%, on massive trading volume of over 21.85 million shares.
Then, on September 22, 2022, Defendants caused Spectrum to issue a press release concerning the FDA ODAC’s meeting that stated the following: …
As a result of this news, shares of Spectrum common stock fell again, from a closing price on September 22, 2022 of $0.63 per share to $0.43 at close on September 23, 2022, a decrease of $0.20 or approximately 31% on heavier than usual volume.
What is The Spectrum Pharmaceuticals Lawsuit About?
The Spectrum Pharmaceuticals Lawsuit (NASDAQ:SPPI) (Spectrum Pharmaceuticals Class Action Lawsuit) was filed after the market closed on September 22, 2022, ODAC conducted its meeting concerning poziotinib in which Defendant Lebel participated. During the meeting, ODAC voted 9-4 not to recommend poziotinib for AA.
How Much Did Shareholders Lose In SPPI Stock?
Shareholders who held Spectrum Pharmaceuticals securities saw stock declined from a closing price on September 19, 2022 of $1.06 per share, to close at $0.66 per share on September 20, 2022, a decrease of $0.40 per share or over 37%, on massive trading volume of over 21.85 million shares.
Shares of Spectrum common stock fell again, from a closing price on September 22, 2022 of $0.63 per share to $0.43 at close on September 23, 2022, a decrease of $0.20 or approximately 31% on heavier than usual volume.
Is There A Deadline For The SPPI Lawsuit?
What Is The Spectrum Pharmaceuticals Lawsuit Complaint?
According to the Spectrum Pharmaceuticals lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that:
Defendants were conducting a phase 2 clinical trial called ZENITH20.
The ZENITH20 trial was an ongoing, multicenter, multi-cohort, open-label, activity-estimating study evaluating the anti-tumor effects, safety, and tolerability of poziotinib, or “pozi”, in patients with locally advanced or metastatic non small cell lung cancer (“NSCLC”) that have certain mutations (HER2 exon 20 insertion mutations) and were previously treated with the standard of care.
The Complaint further alleges that during the class period, Defendants represented the safety and efficacy data from the ZENITH20 trial were positive and that they had initiated a required confirmatory phase 3 study.
However, unknown to investors, this was not true.
If you suffered a loss in SPPI, you have until February 3, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Class Action Lawsuit Attorney
Levi & Korsinsky, Securities Class Action Attorney, for over the past 20 years, has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.
What Is The Lead Plaintiff Process?
THE LEAD PLAINTIFF PROCESS: According to the Private Securities Reform Act of 1995, any investor who bought or acquired SPPI securities in the Class Period may apply for appointment as a lead plaintiff. The lead plaintiff is usually the movant who has the most financial interest in the relief sought. However, he or she must also be typical or adequate to the putative classes. The SPPI class-action lawsuit is directed by the lead plaintiff. To litigate the Spectrum Pharmaceuticals Class Action Lawsuit, the lead plaintiff may choose any law firm it wishes. The ability of an investor to share in any future recovery is not tied to being the lead plaintiff in the SPPI Class Action Lawsuit.
What Does SPPI Do?
Spectrum Pharmaceuticals, Inc., a biopharmaceutical company, develops and commercializes oncology and hematology drug products.
The company’s products under development include Eflapegrastim, a novel long-acting granulocyte colony-stimulating factor for chemotherapy-induced neutropenia; Poziotinib, a novel irreversible tyrosine kinase inhibitor for non-small cell lung cancer tumors with various mutations; and Anti-CD20-IFNa, an antibody-interferon fusion molecule directed against CD20 that is in Phase I development for the treatment of patients with relapsed or refractory non-Hodgkin’s lymphoma, including diffuse large B-cell lymphoma.
It has co-development, commercialization, and in-license agreements with Hanmi Pharmaceutical Co. Ltd.; a patent and technology license agreement with The University of Texas M.D. Anderson Cancer Center; and in-license agreement with ImmunGene, Inc. The company was formerly known as NeoTherapeutics, Inc. and changed its name to Spectrum Pharmaceuticals, Inc. in December 2002.
Spectrum Pharmaceuticals, Inc. was incorporated in 1987 and is based in Boston, Massachusetts.