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SPECTRUM PHARMACEUTICALS, INC.

(SPPI)
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SHAREHOLDER ALERT: Robbins LLP Reminds Investors that Spectrum Pharmaceuticals, Inc. (SPPI) is Being Sued for Misleading Shareholders

10/04/2021 | 10:21am EST

Shareholder rights law firm Robbins LLP reminds investors that a class action was filed on behalf of all persons and entities that purchased or otherwise acquired Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) securities between December 27, 2018 and August 5, 2021, for violations of the Securities Exchange Act of 1934. Spectrum is a biopharmaceutical company that develops and commercializes oncology and hematology drug products. One product the Company has under development is ROLONTIS (eflapegrastim), a novel long-lasting granulocyte colony-stimulating factor for chemotherapy-induced neutropenia.

If you suffered a loss due to Spectrum Pharmaceuticals, Inc.'s misconduct, click here.

Spectrum Pharmaceuticals, Inc. (SPPI) Materially Misrepresented the Likelihood ROLONTIS Would be Approved by the FDA

According to the complaint, Spectrum submitted a Biologics License Application ("BLA") to the U.S. Food and Drug Administration ("FDA") for ROLONTIS as a treatment chemotherapy-induced neutropenia (the "ROLONTIS BLA") in December 2018. In March 2019, Spectrum voluntarily withdrew its ROLONTIS BLA, and then resubmitted an updated ROLONTIS BLA in October 2019. During the relevant period, defendants touted the viability of ROLONTIS and the preparations the Company had made in advance of the FDA's inspection of its manufacturing facility. However, defendants made materially false and misleading statements and/or failed to disclose that the ROLONTIS manufacturing facility maintained deficient controls and/or procedures and that the deficiencies decreased the likelihood that the FDA would approve the ROLONTIS BLA in its current form. As a result, Spectrum had materially overstated the ROLONTIS BLA's approval prospects.

On August 6, 2021, Spectrum announced receipt of a Complete Response Letter ("CRL") from the FDA regarding the ROLONTIS BLA. The CRL cited deficiencies related to manufacturing and indicated that a reinspection of the Company's manufacturing facility would be necessary. On this news, Spectrum's stock price fell $0.70 per share, or over 21%, to close at $2.55 per share on August 6, 2021.

If you purchased shares of Spectrum Pharmaceuticals, Inc. (SPPI) securities between December 27, 2018 and August 5, 2021, you have until November 1, 2021, to ask the court to appoint you lead plaintiff for the class.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

Contact us to learn more:

Aaron Dumas
(800) 350-6003
adumas@robbinsllp.com
Shareholder Information Form

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Spectrum Pharmaceuticals, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

Attorney Advertising. Past results do not guarantee a similar outcome.


ę Business Wire 2021
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Analyst Recommendations on SPECTRUM PHARMACEUTICALS, INC.
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Financials (USD)
Sales 2021 - - -
Net income 2021 -152 M - -
Net Debt 2021 - - -
P/E ratio 2021 -1,62x
Yield 2021 -
Capitalization 252 M 252 M -
Capi. / Sales 2021 -
Capi. / Sales 2022 7,84x
Nbr of Employees 176
Free-Float 98,5%
Chart SPECTRUM PHARMACEUTICALS, INC.
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Technical analysis trends SPECTRUM PHARMACEUTICALS, INC.
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Consensus
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Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 1,58 $
Average target price 5,75 $
Spread / Average Target 264%
EPS Revisions
Managers and Directors
Joseph W. Turgeon President, Chief Executive Officer & Director
Kurt A. Gustafson Chief Financial Officer & Executive Vice President
William L. Ashton Chairman
Francois Lebel Chief Medical Officer
Lyndah K. Dreiling Senior Vice President-Clinical Development
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