San Diego, CA -- (SBWIRE) -- 03/03/2017 -- Certain directors of Spectrum Pharmaceuticals, Inc are under investigation over potential wrongdoing. The investigation was announced for long-term investors in shares of Spectrum Pharmaceuticals, Inc. concerning potential breaches of fiduciary duties by certain directors of Spectrum Pharmaceuticals, Inc.

Investors who are current long term investors in Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.

The investigation by a law firm for current long term investors in NASDAQ:SPPI stocks follows a lawsuit filed recently against Spectrum Pharmaceuticals, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:SPPI stocks, concerns whether certain Spectrum Pharmaceuticals directors are liable in connection with the allegations made in that lawsuit.

According to that complaint filed in the U.S. District Court for the Central District of California the plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose that the FDA previously questioned whether the data from the 611 and 612 Studies were clinically meaningful, that the FDA advised defendants in December 2012 not to submit the New Drug Application based on data from the 611 and 612 Studies, and that as a result, defendants' public statements about Spectrum Pharmaceuticals' business, operations and prospects were materially false and misleading at all relevant times

On September 14, 2016, the U.S. Food and Drug Administration's Oncologic Drugs Advisory Committee ("ODAC") voted against approval of Qapzola.

On September 16, 2016, an article was published that revealed in a December 2012 meeting, the FDA advised Spectrum not to file a New Drug Application for its bladder cancer drug. Although the FDA gave this advice, the Company misrepresented to investors in a May 2015 conference call that "we took this data, met with the FDA, and our understanding is and our decision is that we can go ahead and file the NDA with this drug." According to the article, that was not a fully truthful summary of the FDA's guidance to the Company.

Shares of Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) declined to as low as $4.35 per share on September 21, 2016.

Those who purchased shares of Spectrum Pharmaceuticals, Inc. 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