Spectrum Pharmaceuticals, Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Nevada on behalf of those who acquired Spectrum Pharmaceuticals, Inc. (“Spectrum” or the “Company”) (NASDAQ: SPPI) securities from December 27, 2018 through August 5, 2021, inclusive (the “Class Period”). Investors have until November 1, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Spectrum is a biopharmaceutical company that develops and commercializes oncology and hematology drug products.
On August 6, 2021, Spectrum announced that it had received a Complete Response Letter (“CRL”) from the FDA regarding the BLA, citing deficiencies related to manufacturing and requiring a reinspection of the Company’s manufacturing facility. On this news, the Company’s share price declined by $0.70 per share, or nearly 22%, from $3.25 per share to close at $2.55 per share on August 6, 2021.
The lawsuit alleges throughout the Class Period, Spectrum issued materially false and/or misleading statements and failed to disclose adverse facts pertaining to the quality and integrity of the scientific data supporting the Company’s claims of efficacy for its drug ROLONTIS (eflapegrastim), a novel long-acting granulocyte colony-stimulating factor for chemotherapy-induced neutropenia, which were known to, or recklessly disregarded by, the Defendants as follows: (a) the ROLONTIS manufacturing facility maintained deficient controls and/or procedures; (b) the foregoing deficiencies decreased the likelihood that the FDA would approve the ROLONTIS BLA as submitted in December 2018 in its current form; (c) Spectrum had therefore materially overstated the ROLONTIS BLA’s approval prospects; and (d) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you purchased or otherwise acquired Spectrum securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.