LOS ANGELES, May 13, 2013 (GLOBE NEWSWIRE) -- The Law Offices of Todd M. Garber announces that it is investigating potential claims on behalf of shareholders of Spectrum Pharmaceuticals, Inc. ("Spectrum" or the "Company") concerning possible breaches of fiduciary duties by the Company or its fiduciaries. The investigation focuses on certain statements issued by Spectrum between August 8, 2012 and March 12, 2013 concerning the Company's business and financial prospects.
Spectrum engages in the acquisition, development and commercialization of prescription drug products, primarily in the areas of hematology and oncology. The Company's oncology products include FUSILEV, a treatment for patients with osteosarcoma after high-dose methotrexate therapy, to diminish toxicity and counteract the effects of impaired methotrexate elimination or inadvertent overdose of folic acid antagonists. The investigation is related to allegations that the Company misrepresented or failed to disclose the negative impact that the increasing availability of leucovorin -- a generic drug version of Spectrum's FUSILEV -- would have on the Company's share price.
After the market closed on March 12, 2013 Spectrum issued a press release reporting that sales of FUSILEV would be dropping significantly due to anticipated changes in ordering patterns for FUSILEV. The Company also announced full-year 2013 revenue guidance in the range of $160-$180 million, which was far below analysts' revenue predictions of $297.33 million.
If you purchased Spectrum shares prior to August 8, 2012 and still hold those shares, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to firstname.lastname@example.org.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
CONTACT: Todd M. Garber, Attorney at Law Los Angeles, California 213-700-7262 email@example.comSource:Law Offices of Todd M. Garber