NEW YORK--(BUSINESS WIRE)--TheGrantLawFirm, PLLC announces that it has filed a class action complaint (“Complaint”) on behalf of all securities holders who purchased the securities of Spectrum Pharmaceuticals, Inc. (“Spectrum” or the “Company”) during the period between May 7, 2015 until October 23, 2015, inclusive (the “Class Period”). On October 23, 2015, the Company announced that the FDA failed to approve the new drug application (“NDA”) for one of the Company’s major potential revenue drivers, Evomela—a drug directed at patients with multiple myeloma. The Complaint asserts that during the Class Period, the Company, through the Chairman of its Board and Chief Executive Officer, Rajesh C. Shrotriya (“Shrotriya”) made repeated false and misleading statements concerning the ability of Evomela to drive the Company’s revenues, and provided assuring statements to the public that the FDA would approve its NDA, allowing the drug to be marketed immediately. When the truth was disclosed on October 23, 2015, the Company lost approximately 20% of its value and has yet to recover.
The Complaint asserts that Shrotriya and the Company violated federal securities laws by disseminating materially false and misleading information and failing to disclose material facts, causing the artificial inflation Spectrum’s stock price during the Class Period. The Complaint seeks to recover damages on behalf of class members.
If you purchased or otherwise acquired Spectrum securities and would like to discuss the action, and/or the investigation leading to the filing of the action, please contact Lynda J. Grant at 212-292-4441 or email her at email@example.com. Lynda J. Grant has been representing wronged investors and consumers for over 30 years, and is a New York Metro Superlawyer.