October 4, 2021
WASHINGTON, DC / ACCESSWIRE / October 4, 2021 / Cohen Milstein Sellers & Toll PLLC is investigating Spectrum Pharmaceuticals, Inc. (NYSE:SPPI) (“Spectrum Pharmaceuticals” or the “Company”) following the filing of class action lawsuits alleging violations of federal securities law.
If you purchased Spectrum Pharmaceuticals shares between December 27, 2018 and August 5, 2021 (the “Class Period”) and suffered an economic loss, you may wish to contact Cohen Milstein Partner Steven J. Toll at (202) 408-4600 or stoll@cohenmilstein.com to discuss your legal rights and options.
To serve as lead plaintiff, you must file a motion with the court by November 1, 2021. You are not required to file a lead plaintiff motion to take part in the litigation as an absent class member.
A lawsuit alleging violations of the Securities Exchange Act of 1934 by Spectrum Pharmaceuticals and certain of the Company’s officers and directors was filed August 31, 2021 in the U.S. District Court for the District of Nevada.
Spectrum Pharmaceuticals is a biopharmaceutical company focused on oncology and hematology drug products including ROLONTIS, developed to treat chemotherapy-induced neutropenia and for which the Company filed a Biologics License Application (“BLA”) to the United States Food and Drug Administration (“FDA”).
The complaint alleges that the Company made misleading statements and/or failed to disclose that (1) the facility used to manufacture ROLONTIS maintained deficient controls and/or procedures; (2) the foregoing deficiencies decreased the likelihood that the FDA would approve the BLA in its current form; and (3) the Company had therefore materially overstated the prospects that the FDA would approve the Company’s BLA.
The Class Period begins on December 27, 2018 when Spectrum Pharmaceuticals announced its submission of a BLA for ROLONTIS. The Company subsequently assured investors that the plant it used to manufacture the drug in South Korea “is an experienced biopharmaceutical manufacturer with a world-class facility.”
On August 6, 2021, however, Spectrum Pharmaceuticals announced receipt of a Complete Response Letter (“CRL”) from the FDA on ROLONTIS citing “deficiencies related to manufacturing” and indicating a reinspection of the Company’s manufacturing facility would be necessary. On this news, Spectrum Pharmaceuticals’ stock fell more than 21%, from $3.25 on August 5, 2021 to $2.55 on August 6, 2021.
Cohen Milstein encourages investors who purchased or otherwise acquired Spectrum Pharmaceuticals’ shares or options from December 27, 2018 through August 5, 2021 or former employees with information about this matter to contact us prior to the November 1, 2021 lead plaintiff deadline.
A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your share in any recovery will not be enhanced or diminished by whether you decide to serve as a lead plaintiff. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action or may do nothing and remain an absent class member.
Cohen Milstein has significant experience representing investors in securities class actions, having acted as lead counsel in hundreds of cases and recovered billions of dollars for plaintiffs since 1969. With more than 100 attorneys in offices in Washington, D.C., New York City, Chicago, Philadelphia, Palm Beach Gardens, Fla., and Raleigh, N.C., the firm is active in major litigation pending in federal and state courts throughout the nation. For more information visit www.cohenmilstein.com.
If you have any questions about this notice, the action, or your rights, please contact either of the following:
Steven J. Toll, Esq.
Josh Kluger
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
Fifth Floor
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: stoll@cohenmilstein.com or jkluger@cohenmilstein.com
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