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Investigation announced for Long-Term Investors in shares of Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI)

03-17-2023 08:21 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation on behalf of current long term investors in Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) shares.

An investigation on behalf of current long term investors in Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) shares.

An investigation was announced concerning potential breaches of fiduciary duties by certain directors and officers of Spectrum Pharmaceuticals, Inc.

Investors who are current long term investors in Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm for current long term investors in NASDAQ: SPPI stocks follows a lawsuit filed against Spectrum Pharmaceuticals, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ: SPPI stocks, concerns whether certain Spectrum Pharmaceuticals, Inc. directors are liable in connection with the allegations made in that lawsuit.

According to that complaint filed in the U.S. District Court for the Southern District of New York the plaintiff that between December 6, 2021 through September 22, 2022, the defendants represented the safety and efficacy data from the ZENITH20 trial were positive and that they had initiated a required confirmatory phase 3 study and that unknown to investors this was not true.

On September 20, 2022, before the market opened, investors began to learn the truth when the FDA Oncologic Drugs Advisory Committee ("ODAC") released a briefing document in anticipation of its September 22, 2022 meeting with Defendants to review poziotinib.

The plaintiff alleges that investors were surprised when, despite the Company's repeated representations between December 6, 2021 through September 22, 2022 that the data for ZENITH20 were positive, the ODAC briefing document disclosed not only negative data on the safety and efficacy of pozi, but also a failure by the Company to enroll any patients in a required phase 3 confirmatory trial.

On September 22, 2022, ODAC conducted its meeting concerning poziotinib and it later voted 9-4 not to recommend poziotinib for accelerated approval.
Shares of Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) declined to as low as $0.36 per share on October $0.36 per share.

Those who purchased shares of Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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