SAN FRANCISCO, Nov. 08, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in Spectrum Pharmaceuticals Inc. (NASDAQ:SPPI) of the securities class action lawsuit and November 21, 2016 Lead Plaintiff deadline.
If you purchased or otherwise acquired securities of SPPI between February 28, 2013 and September 16, 2016 and suffered over $50,000 in losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/SPPI
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing SPPI@hbsslaw.com.
During Spectrum’s December 2012 meeting with the U.S. Food and Drug Administration, the FDA noted that one of Spectrum’s drugs, apaziquone, “did not meet the pre-specified criteria for superiority when compared to placebo” and discouraged submission of a New Drug Application.
Three years later, Spectrum submitted a New Drug Application based on similar studies provided to the FDA three years prior. Management repeatedly discussed apaziquone’s status during earnings conference calls but omitted information regarding the FDA’s prior discouragement. On September 14, 2016, the Company announced the FDA’s panel of outside experts found apaziquone had “not shown substantial evidence of a treatment effect over placebo,” sending Spectrum shares down 8% to close at $5.04 that day.
When TheStreet later reported “Spectrum joins an unacceptably long list of drug and biotech companies hurting investors by failing to be fully transparent about their communications with the FDA,” Spectrum shares fell another 2.6%.
“We are investigating the key details of apaziquone and the Company’s dealings with the FDA that Defendants apparently omitted,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Spectrum Pharmaceuticals should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email SPPI@hbsslaw.com.
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