If you have purchased shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) between August 8, 2012, and March 12, 2013 , call 1-800-934-2921 right now to protect your rights.
Filing deadline: 05/13/2013
Details of the complaint filed in the U.S. District Court for the District of Nevada show that the plaintiff is alleging on behalf of all investors who purchased Spectrum Pharmaceuticals, Inc. common stock between August 8th 2012 and March 12th 2013 that the Company and some of its officers and directors acted in violation of the Securities Exchange Act of 1934 by issuing statements that were materially false or misleading.
One of the claims made by the plaintiff is that between August 8th 2012 and March 12th 2013, the defendants allegedly dismissed some important concerns raised about sales of FUSILEV®. These concerns were based of a belief that FUSILEV® sales would suffer as a result of an increased availability of leucovorin. The plaintiff alleges that the defendants tried to hide the impact that an increased supply of leucovorin would have on the sales of FUSILEV®. Due to statements made by the defendants, shares of NASDAQ:SPPU traded at prices that were artificially high between August 8th 2012 and March 12th 2013. Shares reached a high point on September 18th 2012, trading at $13.05.
During the first months of 2013, shares of Spectrum Pharmaceuticals, Inc. traded at above $11 per share. This changed when the Company released a comment on first quarter performance anticipations and made updates to their financial outlook for 2013. Spectrum Pharmaceuticals, Inc. stated that they anticipate a change in orders of FUSILEV® as the market for folate analog has recently stabilized. The Company said that they expect sales of FUSILEV® to be between $10 and $15 million in 2013's first quarter and $80 to $90 million for the remainder of the fiscal year.
Following this statement, the share price of Spectrum Pharmaceuticals, Inc. tumbled sharply. The price per share went down from $12.36 on March 12th 2013 to a low point of $7.75 per share the next day.
Own shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI)? Contact us to protect your rights.
If you have purchased shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) between August 8, 2012, and March 12, 2013, call 1-800-934-2921 right now to protect your rights. Complete the form on this page or call attorney Bill Kyros at 1-800-934-2921 right now to protect your rights.