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You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of June 9, 2016 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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June 13, 2016 - The court approved the settlement.
January 27, 2016 - The court preliminarily approved the settlement.
November 19, 2015 - A stipulation of settlement was filed by the parties.
March 26, 2015 - The court denied the defendants' motion to dismiss.
July 18, 2014 - A motion to dismiss the amended consolidated complaint was filed.
May 20, 2014 - An amended consolidated complaint was filed.
March 14, 2013 - An investor in shares of Spectrum Pharmaceuticals Inc (NASDAQ: SPPI) filed a lawsuit in the U.S. District Court for the District of Nevada against Spectrum Pharmaceuticals Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between August 8, 2012 and March 12, 2013 in regards to the drug FUSILEV®.
According to the complaint the plaintiff alleges on on behalf of purchasers of Spectrum Pharmaceuticals Inc (NASDAQ: SPPI) common stock during the period between August 8, 2012 and March 12, 2013, that Spectrum Pharmaceuticals Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading statements between August 8, 2012 and March 12, 2013.
The plaintiff claims that between August 8, 2012 and March 12, 2013 defendants allegedly continually dismissed concerns that sales of FUSILEV would be adversely affected by increased supplies of leucovorin and allegedly concealed the impact that the increased availability of leucovorin would have on FUSILEV sales and as a result of defendants’ statements, Spectrum Pharmaceuticals Inc’s stock traded at artificially inflated prices between August 8, 2012 and March 12, 2013, reaching a high of $13.05 per share on September 18, 2012.
Spectrum Pharmaceuticals Inc reported that its annual Total Revenue rose from $74.11 million in 2010 to $267.71 million in 2012 and that its Net Loss of $48.84 million in 2010 turned into a Net Income of $94.55 million in 2012. Shares of Spectrum Pharmaceuticals Inc (NASDAQ: SPPI) rose from $3.77 per share In 2010 to as high as $17.05 per share in July 2012. NASDAQ: SPPI shares closed 2012 at slightly above $11 per share. Over the first months in 2013 Spectrum Pharmaceuticals Inc (NASDAQ: SPPI) shares traded over $11 per share.
Then on March 12, 2013, Spectrum Pharmaceuticals Inc commented on anticipated first quarter performance and updated its 2013 outlook for the Company. Spectrum Pharmaceuticals Inc said that based upon recent communications with customers it anticipates a change in ordering patterns of FUSILEV® following the recent stabilization of the folate analog market. Spectrum Pharmaceuticals Inc said it expects that FUSILEV sales will be approximately $10 to $15 million for the first quarter of the year, and approximately $80 to $90 million for the 2013 fiscal year.
Furthermore, Spectrum Pharmaceuticals Inc said that it anticipates total company revenues in the range of $160 to $180 million for the full-year 2013.
Shares of Spectrum Pharmaceuticals Inc (NASDAQ: SPPI) dropped from $12.46 per share on March 12, 2013, to as low as $7.75 per share on March 13, 2013.