San Diego, CA -- (SBWire) -- 01/11/2023 --An investor, who purchased NASDAQ: SPPI shares, filed a lawsuit against Spectrum Pharmaceuticals, Inc. over alleged violations of Federal Securities Laws.
Investors who purchased shares of Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) have certain options and for certain investors are short and strict deadlines running. Deadline: February 6, 2023. NASDAQ: SPPI investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Boston, MA based Spectrum Pharmaceuticals, Inc., a biopharmaceutical company, develops and commercializes oncology and hematology drug products.
Spectrum Pharmaceuticals, Inc. conducting a phase 2 clinical trial called ZENITH20.
The ZENITH20 trial was an ongoing, multicenter, multi-cohort, open-label, activity-estimating study evaluating the anti-tumor effects, safety, and tolerability of poziotinib, or "pozi", in patients with locally advanced or metastatic non small cell lung cancer ("NSCLC") that have certain mutations (HER2 exon 20 insertion mutations) and were previously treated with the standard of care.
The plaintiff alleges that between December 6, 2021 through September 22, 2022, the defendants represented the safety and efficacy data from the ZENITH20 trial were positive and that they had initiated a required confirmatory phase 3 study and that unknown to investors this was not true.
On September 20, 2022, before the market opened, investors began to learn the truth when the FDA Oncologic Drugs Advisory Committee ("ODAC") released a briefing document in anticipation of its September 22, 2022 meeting with Defendants to review poziotinib.
The plaintiff alleges that investors were surprised when, despite the Company's repeated representations between December 6, 2021 through September 22, 2022 that the data for ZENITH20 were positive, the ODAC briefing document disclosed not only negative data on the safety and efficacy of pozi, but also a failure by the Company to enroll any patients in a required phase 3 confirmatory trial.
On September 22, 2022, ODAC conducted its meeting concerning poziotinib and it later voted 9-4 not to recommend poziotinib for accelerated approval.
Shares of Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) declined to as low as $0.36 per share on October $0.36 per share.
Those who purchased shares of Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
NASDAQ:SPPI Investor Alert: Lawsuit Alleges Misleading Statements by Spectrum Pharmaceuticals, Inc.
A lawsuit was filed on behalf of investors in Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) shares over alleged securities laws violations.