Hagens Berman Notifies Spectrum Pharmaceuticals Investors of Pending Class-Action Lawsuit and May 13
Mar 22nd 2013 10:04AM
Updated Mar 22nd 2013 10:06AM
Hagens Berman Notifies Spectrum Pharmaceuticals Investors of Pending Class-Action Lawsuit and May 13, 2013, Lead Plaintiff Deadline
BERKELEY, Calif.--(BUSINESS WIRE)-- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, is investigating Spectrum Pharmaceuticals, Inc. (NAS: SPPI) ("Spectrum" or "The Company") following the filing of a class-action lawsuit on behalf of investors. The firm encourages those who have suffered losses to contact Hagens Berman Partner Reed Kathrein, who is leading the Firm's investigation, by emailing SPPI@hbsslaw.com.
A class-action lawsuit filed in U.S. District Court identifies a class of Spectrum investors who purchased stock in the company between August 8, 2012, and March 12, 2013, inclusive (the "class period"). Those who suffered significant losses and wish to move to be a lead plaintiff may also contact the firm by calling (510) 725-3000.
Investors who wish to serve as lead plaintiff in the case must move the court no later than May 13, 2013. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
On March 12, 2013, Spectrum disclosed to investors that it would significantly lower its 2013 revenue guidance on concerns that sales of its drug FUSILEV would be lower than expected. Following the disclosure, Spectrum's stock price fell dramatically, from a close of $12.43 per share on March 12 to a close of $7.79 per share on March 13. The stock has continued to trade at or around $7.00 since the disclosure.
Hagens Berman's investigation centers around whether Spectrum knew and failed to disclose to investors concerns about the sales of FUSILEV.
"We are concerned that Spectrum knew that generic competition would substantially impact the company's revenues and failed to disclose these concerns to investors," said Mr. Kathrein. "We believe the company's alleged failure to come clean with investors about these issues may have artificially inflated the stock price, resulting in very significant investor losses."
Hagens Berman reminds whistleblowers with inside information that rewards may be available to individuals who report information leading to a successful enforcement action by the Securities and Exchange Commission. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.
More information about this investigation is available at http://www.hb-securities.com/investigations/SPPI.
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the law firm and its successes can be found at www.hbsslaw.com. The Firm's securities law blog is at http://www.meaningfuldisclosure.com.
Firmani + Associates
Mark Firmani, 206-443-9357
KEYWORDS: United States North America California
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