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LAS VEGAS, March 02, 2020 (GLOBE NEWSWIRE) -- The Rosen Law Firm P.A. and Bronstein Gewirtz & Grossman, LLC announce that the United States District Court for the District of Nevada has approved the following announcement of a proposed class action settlement that would benefit purchasers of securities of Spectrum. (SPPI):
SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS ACTION SETTLEMENT
TO: ALL PERSONS WHO PURCHASED OR ACQUIRED SPECTRUM PHARMACEUTICALS, INC. COMMON STOCK AND/OR CALL OPTIONS, AND/OR SOLD SPECTRUM PHARMACEUTICALS, INC. PUT OPTIONS, FROM JANUARY 31, 2013 THROUGH SEPTEMBER 16, 2016, BOTH DATES INCLUSIVE.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of Nevada, that a hearing will be held on July 22, 2020, at 11:00 a.m. before the Honorable Richard F. Boulware, United States District Judge of the District of Nevada, 333 Las Vegas Boulevard South, Courtroom 7c, Las Vegas, Nevada 89101 for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for consideration including the sum of $2,995,000 should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the Settlement proceeds is fair, reasonable, and adequate; (3) whether the application of Lead Counsel for an award of attorneys’ fees of up to one-third of the Settlement Amount, reimbursement of expenses of not more than $160,000 and an incentive payment of no more than $5,000 to each Lead Plaintiff, should be approved; and (4) whether this Action should be dismissed with prejudice as set forth in the Stipulation and Agreement of Settlement executed on November 8, 2019 (the “Settlement Stipulation”).
If you purchased Spectrum Pharmaceuticals, Inc. (“Spectrum”) common stock and/or call options and/or sold put options during the period from January 31, 2013 through September 16, 2016, both dates inclusive (the “Class Period”), your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in Spectrum securities. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action (“Notice”) and a copy of the Proof of Claim and Release Form, you may obtain copies by writing to or calling the Claims Administrator at: Spectrum Pharmaceuticals, Inc. Securities Litigation, c/o Strategic Claims Services, 600 N. Jackson St., Ste. 205, P.O. Box 230, Media, PA 19063; (Tel) (866) 274-4004; (Fax) (610) 565-7985; firstname.lastname@example.org. If you are a member of the Settlement Class, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release Form to the Claims Administrator postmarked no later than June 8, 2020, establishing that you are entitled to recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Action whether or not you make a claim.
If you desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion so that it is received no later than July 1, 2020, in the manner and form explained in the Notice. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any judgment entered in the Action pursuant to the Settlement Stipulation.
Any objection to the Settlement, Plan of Allocation, or Lead Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and Award to Lead Plaintiff must be in the manner and form explained in the detailed Notice and received no later than July 1, 2020, by each of the following:
Clerk of the Court
COUNSEL FOR DEFENDANTS
If you have any questions about the Settlement, you may call or write to Lead Counsel:
Jacob A. Goldberg
THE ROSEN LAW FIRM, P.A.
101 Greenwood Avenue, Suite 440
Jenkintown, PA 19046
BRONSTEIN GEWIRTZ & GROSSMAN, LLC
60 East 42nd Street, Suite 4600
New York, NY 10165
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.
Dated: February 19, 2020 _________________________________
BY ORDER OF THE UNITED STATES
DISTRICT COURT FOR THE DISTRICT