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BENSALEM, Pa., September 09, 2021--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming November 1, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Spectrum Pharmaceuticals, Inc. ("Spectrum" or the "Company") (NASDAQ: SPPI) securities between December 27, 2018 and August 5, 2021, inclusive (the "Class Period").
Investors suffering losses on their Spectrum investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
In December 2018, Spectrum submitted a Biologics License Application ("BLA") to the U.S. Food and Drug Administration ("FDA") for ROLONTIS as a treatment for chemotherapy-induced neutropenia.
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, Spectrum’s stock price fell $0.70 per share, or nearly 22%, to close at $2.55 per share on August 6, 2021.
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the ROLONTIS manufacturing facility maintained deficient controls and/or procedures; (2) the foregoing deficiencies decreased the likelihood that the FDA would approve the ROLONTIS BLA in its current form; (3) Spectrum had therefore materially overstated the ROLONTIS BLA’s approval prospects; and (4) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Spectrum securities during the Class Period, you may move the Court no later than November 1, 2021 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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