Spectrum Pharmaceuticals, Inc.

Ticker: SPPI

Class Period Start: 12/06/2021

Class Period End: 09/22/2022

Registration Deadline: 02/03/2023

A securities class action has been filed in the USDC – E.D.N.Y. against Spectrum Pharmaceuticals, Inc. (SPPI) on behalf of all purchasers of Spectrum Pharmaceuticals common stock during the period between December 6, 2021 through September 22, 2022.  

On September 22, 2022, after market hours, Reuters reported that advisers to the U.S Food and Drug Administration (“FDA”) “voted against recommending Spectrum Pharmaceuticals’  (SPPI.O) experimental drug for the treatment of patients with a form of non-small cell lung cancer.  The FDA panel voted 9 to 4 against the oral drug, poziotinib, citing marginal efficacy, high level of toxicities, and lack of dose optimization.  The panel’s decision was in-line with  briefing documents released by the drug regulator on Tuesday that raised concerns over the efficacy of the treatment compared with existing drugs like Daiichi Sankyo’s (4568.T) and AstraZeneca’s Enhertu.”

Following this news, Spectrum’s stock price declined 31% to close at $0.43 per share on September 23, 2022, on unusually heavy trading volume.

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