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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 8, 2020 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
You must register to view and download the Settlement Notice and Settlement Proof.
February 19, 2020 - The court preliminarily approved the settlement.
July 26, 2019 - A stipulation of settlement was filed by the parties.
September 21, 2018 - The court granted in part and denied in part the defendants' motion to dismiss.
January 19, 2018 - A motion to dismiss the amended consolidated complaint was filed.
November 21, 2017 - An amended consolidated complaint was filed.
November 15, 2016 - The case was transferred to the U.S. District Court for the District of Nevada.
September 21, 2016 (Shareholders Foundation) - An investor in shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Spectrum Pharmaceuticals, Inc. in connection with certain allegedly false and misleading statements made between December 16, 2015 and September 16, 2016.
According to the complaint the plaintiff alleges on behalf of purchasers of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) common shares between December 16, 2015 and September 16, 2016, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between December 16, 2015 and September 16, 2016 the defendants made false and/or misleading statements and/or failed to disclose that the FDA previously questioned whether the data from the 611 and 612 Studies were clinically meaningful, that the FDA advised defendants in December 2012 not to submit the New Drug Application based on data from the 611 and 612 Studies, and that as a result, defendants’ public statements about Spectrum Pharmaceuticals’ business, operations and prospects were materially false and misleading at all relevant times Spectrum Pharmaceuticals, Inc. reported its annual Total Revenue declined from $186.83 million in 2014 to $162.56 million in 2015 while its Net Loss increased from $45.72 million in 2014 to $50.78 million in 2015. Shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) rose from $4.28 per share in February 2016 to as high as $7.24 per share in April 2016.
On September 14, 2016, the U.S. Food and Drug Administration’s Oncologic Drugs Advisory Committee (“ODAC”) voted against approval of Qapzola.
On September 16, 2016, an article was published that revealed in a December 2012 meeting, the FDA advised Spectrum not to file a New Drug Application for its bladder cancer drug. Although the FDA gave this advice, the Company misrepresented to investors in a May 2015 conference call that “we took this data, met with the FDA, and our understanding is and our decision is that we can go ahead and file the NDA with this drug.” According to the article, that was not a fully truthful summary of the FDA’s guidance to the Company.
Shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) declined to as low as $4.35 per share on September 21, 2016.