Spectrum Pharmaceuticals, Inc. (SPPI) Securities Class Action

The litigation is focused on the propriety of Spectrum’s statements about its development of poziotinib (“pozi”), a drug under investigation for the treatment of previously treated patients (so-called second-line patients) with non-small cell lung cancer (“NSCLC”) with certain genetic mutations.

More specifically, the complaint alleges that Spectrum repeatedly assured investors of positive safety and efficacy data from its pozi phase 2 clinical trial and that it initiated the required confirmatory phase 3 while omitting crucial information.

Investors began to learn the truth on September 20, 2022, when the FDA Oncologic Drugs Advisory Committee released a briefing document (“ODAC”) which disclosed both negative data on the safety and efficacy of pozi AND that Spectrum had not enrolled any patients in the required confirmatory phase 3 trial. Then, during the September 22 ODAC meeting, the committee overwhelmingly voted against pozi for accelerated approval.

These events drove the price of Spectrum shares crashing lower.

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the SPPI investigation about?

We are continuing to investigate the legal claims pending against Spectrum and, in the wake of the District Court’s order re-opening the lead plaintiff process, are strongly encouraging investors to contact us about moving to be appointed the new lead plaintiff.

WHAT SHOULD I DO?

I worked at SPPI. What should I do?

If you were an employee of SPPI, you may have valuable information that could be relevant to the investigation. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. 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. For more information, contact Reed Kathrein at 844-916-0895 or [email protected].

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action investigations and lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions.

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICIPATE?

Am I affected? What do I need to do to participate?

If you were an investor in SPPI, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any SPPI investor participate?

In most class-action investigations and cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This investigation only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.