NEW YORK, March 18, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the District of Nevada on behalf of investors who purchased Spectrum Pharmaceuticals, Inc. ("Spectrum" or the "Company") (Nasdaq:SPPI) stock between August 8, 2012 and March 12, 2013 (the "Class Period").
For more information, click here: http://zlk.9nl.com/spectrum-pharmaceuticals-sppi/.
According to the complaint, during the Class Period, defendants issued materially false and misleading statements in relation to the drug FUSILEV. In particular, the complaint alleges that the defendants concealed that: (a) once the availability of the generic drug leucovorin increased, Spectrum's sales of FUSILEV would plummet; (b) the purported advantages of FUSILEV over leucovorin would not be sufficient for clinics and hospitals to continue to opt for the more expensive FUSILEV once leucovorin was available in larger quantities; and (c) based upon the above, defendants lacked a reasonable basis for their positive statements about the Company and its revenue and earnings during the Class Period. As a result of defendants' false and misleading statements, Spectrum's stock traded at artificially inflated prices during the Class Period, reaching a high of $13.05 per share on September 18, 2012.
If you suffered a loss in Spectrum you have until May 13, 2013 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/spectrum-pharmaceuticals-sppi/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (866) 367-6510 www.zlk.comSource:Levi & Korsinsky, LLP