McCune Law Group Investigating Bringing Spectrum Pharmaceuticals (NASDAQ: SPPI) Lawsuit Over Investor Losses

The Class Action Lawsuit Alleges Spectrum Pharmaceuticals Downplaying Negative Effects of Their Clinical Trials

McCune Law Group, Wright McCune Wright Arevalo Vercoski Kusel Weck Brandt APC (MLG) is investigating bringing a lawsuit against Spectrum Pharmaceuticals (NASDAQ: SPPI) over allegations that Spectrum made false and/or misleading statements that failed to disclose negative data on the safety and efficacy of pozi in patients with locally advanced or metastatic non-small cell lung cancer. The initial clinical trial named ZENITH20 showed positive results which initiated a phase 3 study. However, unknown to investors, these claims were not true. MLG is seeking a lead plaintiff who has suffered major losses during the period of December 6, 2021, through September 22, 2022. Investors have until February 3, 2023, to file a motion for appointment as lead plaintiff in this Spectrum Pharmaceuticals lawsuit.

Have you suffered losses and would like to file a motion for appointment as lead plaintiff in the Spectrum Pharmaceuticals lawsuit?

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    $200 Million
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    Product Liability

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    UDAP Civil Penalties

    $203 Million
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    Financial Services

    $4.28 Million
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    Product Liability

    McCune Law Group Investigating Bringing a Spectrum Pharmaceuticals Lawsuit Over Alleged Misleading/False Statements

    McCune Law Group, McCune Wright Arevalo Vercoski Weck Brandt APC (MLG) is investigating the need to bring a class action lawsuit against Spectrum Pharmaceuticals (or “the Company”) alleging it made alleged false and/or misleading statements that significantly damaged investors. The Complaint, captioned Osorio-Franco v. Spectrum Pharmaceuticals, Inc. et al, No. 1:22-cv-10292 (S.D.N.Y. Dec 05, 2022), alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder by the SEC and is brought by plaintiff on behalf of all purchasers of Spectrum common stock during the period December 6, 2021, through September 22, 2022, inclusive (“Class Period”).

    Spectrum Pharmaceuticals lawsuit also alleges that the Defendants were 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. Further, the class action lawsuit against Spectrum Pharmaceuticals alleges that during the class period, Defendants represented the safety and efficacy data from the ZENITH20 trial were positive and that they had initiated a required confirmatory phase 3 study. However, unknown to investors, this was not true.

    If you purchased shares in Spectrum Pharmaceuticals during the period of December 6, 2021, through September 22, 2022, and have suffered damages due to the Company’s misleading statements, contact MLG by the February 3, 2023, lead plaintiff deadline.

    Spectrum Pharmaceuticals Class Action Lawsuit Alleges Statements Significantly Damaged Investors

    The truth began to emerge when, on September 20, 2022, pre-market open, the FDA released a briefing document ahead of its scheduled September 22, 2022, ODAC meeting regarding pozi. The briefing document identified significant negative concerns regarding the efficacy and safety data supporting the pozi NDA and revealed that Spectrum’s Phase 3 confirmatory trial failed to enroll a single patient. On this news, Spectrum’s common stock price declined from $1.06 per share on September 19, 2022, to close at $0.66 per share on September 20, 2022, i.e., a 0.40 per share or over 37% decrease. Then, on September 22, 2022, Spectrum issued a press release that the FDA’s ODAC committee voted 9-4 against Spectrum, finding that the benefits of pozi did not outweigh its risks. Because of this news, Spectrum’s common stock price declined from $0.63 on September 22, 2022, to approximately $0.43 per share on September 23, 2022, i.e., a $0.20 or approximately 31% decrease. This Spectrum Pharmaceuticals lawsuit hopes to reclaim the significant losses suffered by investors during the Class Period.

    If you have invested in Spectrum Pharmaceuticals and have suffered significant damages due to their misleading and/or false statements, contact our Securities Litigation team today by completing the form to arrange a free consultation. If you would like to file as lead plaintiff in this Spectrum Pharmaceuticals class action lawsuit, you have until February 3, 2023, to move the court. You need not seek to become a lead plaintiff to share in any possible recovery.

    Handling This Investigation

    Portrait Of Elaine S. Kusel, Partner Of Mccune Law Group
    Elaine S. Kusel

    Elaine S. Kusel, who joined McCune Law Group, Vercoski, Kusel, Weck, Brandt, APC, (MLG), in 2008 and leads the firm’s New Jersey office. As a nationally renowned class action attorney, she performs a significant role in the firm’s Consumer Fraud Class Action and Securities Litigation divisions.

    After graduating from law school, her practice had included fraud litigation, mass torts, and international human rights law. Ms. Kusel has been integral to the successful recovery of multi-million-dollar settlements and verdicts for wronged consumers and investors.


    Portrait Of Sherief Morsy, Associate Of Mccune Law Group
    Sherief Morsy

    Sherief Morsy joined the McCune Law Group, Vercoski, Kusel, Weck, Brandt, APC, (MLG), New Jersey office in 2020. His practice primarily focuses on consumer fraud class actions, Securities Litigation, and other complex litigation matters.

    Prior to joining the firm, Mr. Morsy was a senior associate at a New York City law firm, whose practice focused on complex civil and class action litigation, including securities litigation, antitrust litigation, and consumer class actions. As he previously assisted investors in recovering their losses resulting from corporate securities fraud, he now focuses that experience at McCune Law Group in assisting people who have been victimized by deceptive business practices or other corporate wrongdoing.

    Have you suffered losses and would like to file a motion for appointment as lead plaintiff in the Spectrum Pharmaceuticals lawsuit?

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      McCune Law Group, is responsible for this website. The information provided on this website is for general information purposes only. The information you obtain is not, nor is it intended to be, legal advice. Use of this website or submission of the online form does not create an attorney-client relationship.

      Counsel Richard McCune is licensed to practice only in the state of California.  The law firm of McCune Law Group, has attorneys licensed to practice law in AZ, CA, IL, MO, NJ, NY, and PA.  This information section is not intended to be a solicitation for services in states where it is forbidden for non-barred attorneys from advertising for services, and McCune Law Group, does not have attorneys barred in that state. McCune Law Group, is a national firm that brings lawsuits in a majority of the states. In states where one of its attorneys are not barred, it does so by filing the complaint along with local counsel barred in that state.

      The results discussed do not guarantee, warrant, or predict the results in future cases.