First-time poster: bought July 2012 $17 - one of my worst investments ever
I've been hosed believing what I heard on conference calls that I listened to. I'm coming to this message board as a new author, asking if anyone else has a similar experience? A brokerage firm recently told me there is a Class Action Lawsuit pending against SPPI, its Officers, and Board of Directors. Please confirm, and if true, is it too late to join and how can I join? Finally, what is the current status of the pending lawsuit?
SBH, I bought SPPI at $3.45. It shot to $7 and then fell to 75cents after Satraplatin and Ozarelix failed. We stayed low for a couple years. I didn't bail, I didn't whine, I didn't sue. I continued doing my DD. Stayed the course and am fully invested. You timing was bad, but SPPI is a very good long-term investment. If you can, continue doing your DD. If you don't believe, bail out and move on. If you believe, add as you can and enjoy the ride. I personally believe we will see $17+ within the next 2-3 years.
Thank you everyone for your comments. Tartiaboy, interesting observations, but I'm not whining. Perhaps my presentation came across harsh. The reality is that I intended to sell and take my loss to reduce overall 2013 capital gains. However, when asking the brokerage for their assessment of SPPI before selling, that's when I learned about the possibility of a class action. Yet they didn't know where to direct me. Having never joined a class action, it is my belief that you must still own the stock to join such a lawsuit. Thus, I'm not selling until I learn the facts. If its a waste of my time, I'll be selling before December 31.
Again, if anyone would be kind enough to share a little due diligence about the status of a class action, if such even exists (links, lawfirm contact information, etc), I would be appreciative.