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Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) Investor Files Lawsuit Over Alleged Breaches Of Fiduciary Duties By Certain Directors

  • If you are a current long term stockholder in Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) shares, you may have certain options. Please contact the Shareholders Foundation, Inc.

  • 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

Company
Spectrum Pharmaceuticals, Inc.
Security
NASDAQ: SPPI

Case Name
Spectrum Pharmaceuticals Shareholder Derivative Lawsuit 05/10/2013
Type of Lawsuit
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Summary

May 13, 2013 (Shareholders Foundation) - An investor, who currently holds NASDAQ:SPPI shares, filed a lawsuit against directors of Spectrum Pharmaceuticals, Inc. over alleged breaches of fiduciary duties in connection with certain statements made between August 8, 2012, and March 12, 2013 in regards to the drug FUSILEV.

The lawsuit by a current investor against directors of Spectrum Pharmaceuticals, Inc. over alleged breaches of fiduciary duties follows a lawsuit that was filed recently against Spectrum Pharmaceuticals, Inc. over alleged securities Laws Violations. The plaintiff in that lawsuit alleges that Spectrum Pharmaceuticals, Inc. 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’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.

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. dropped from $12.46 per share on March 12, 2013, to as low as $7.00 per share on April 18, 2013.

On May 13, 2013, NASDAQ:SPPI shares closed at $7.86 per share, which is significantly below its current 52 week High of $17.48 per share.