Case Background:
A class action lawsuit was filed on behalf of those who purchased or otherwise acquired Spectrum Pharmaceuticals, Inc. ("Spectrum") (NASDAQ: SPPI) securities between March 17, 2022 and September 22, 2022, inclusive (the “Class Period”).
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material facts about the company’s business, operations, and prospects. Specifically, Defendants misrepresented and/or failed to disclose that: (1) the PINNACLE Study, which was a Phase 3 confirmatory trial of a 16 mg dose of Spectrum’s anti-cancer drug pozi QD, was enrolling patients and was on track to be substantially enrolled by November 24, 2022 despite no patients having been enrolled; (2) that the FDA had concerns about inadequate dose optimization data, efficacy and safety data, and did not agree with the design of the PINNACLE study; (3) the status of the PINNACLE study differed greatly than what was told to investors; and (4) as a result of the foregoing, Defendants’ statements about the company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you are a member of the class described above, you may no later than September 24, 2025, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.