Pomerantz Law Firm Announces the Filing of a Class Action Against Spectrum Pharmaceuticals, Inc and Certain Officers
NEW YORK, August 31, 2021 / PRNewswire / – Pomerantz LLP announces that a class action lawsuit has been filed against Spectrum Pharmaceuticals, Inc (“Spectrum” or the “Company”) (NASDAQ: SPPI) and some of its officers. The class action filed in The United States District Court for the district Nevada, and registered under 21-cv-01612, is on behalf of a class comprised of all natural and legal persons other than the Defendant, the Spectrum Securities between. bought or otherwise acquired December 27, 2018 and August 5, 2021, both dates including (the “Classification Period”) to compensate for damages caused by Defendants’ breaches of federal securities laws and to seek legal remedies under Sections 10 (b) and 20 (a) of the Securities Exchange Act of 1934 (the “Bill of Exchange Act”) and rule 10b-5 against the company and certain of its top officials.
If you are a shareholder who has purchased or otherwise acquired Spectrum securities during the Class Action Period, you will have until November 1, 2021 ask the court to appoint you as the lead plaintiff for the class action. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this action, please contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, extension. 7980. Inquiries by email are encouraged to include their postal address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
Spectrum is a biopharmaceutical company that develops and markets drug products for oncology and hematology. The company’s products under development include ROLONTIS (Elapegrastim), a novel long-acting granulocyte colony-stimulating factor for chemotherapy-induced neutropenia.
In December 2018Spectrum has filed a Biologics (“BLA”) application for ROLONTIS for the treatment of chemotherapy-induced neutropenia (the “ROLONTIS BLA”) with the US Food and Drug Administration (FDA).
The lawsuit alleges that during the class action period, defendants made essentially false and misleading statements about the company’s business, operational, and compliance policies. In particular, the defendants made false and / or misleading statements and / or did not disclose that: (i) the ROLONTIS production facility maintained inadequate controls and / or procedures; (ii) the above deficiencies reduced the likelihood that the FDA would approve the ROLONTIS BLA in its current form; (iii) Spectrum had therefore significantly overestimated the approval prospects of ROLONTIS BLA; and (iv) as a result, the Company’s public statements at all relevant times have been materially false and misleading.
on August 6, 2021Spectrum announced that it has received a Full Letter of Response (“CRL”) from the FDA regarding ROLONTIS BLA. The CRL cited manufacturing-related defects and indicated that a re-inspection of the company’s manufacturing facility will be required.
As a result of this news, Spectrum’s share price fell $ 0.70 per share, or 21.54% to close on $ 2.55 per share August 6, 2021.
Pomerantz LLP, with offices in new York, Chicago, The angel, Paris, and Tel Aviv, is recognized as one of the leading law firms in corporate, securities and antitrust litigation. Founded by the late Abraham L. PomerantzKnown as the Dean of the Class Action Chamber, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he founded and fights for the rights of victims of securities fraud, breaches of duty of loyalty and corporate misconduct. The company has collected numerous millions of dollars in damages on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP