Spectrum Pharmaceuticals Hit With Shareholder Class Action

Law360, New York (March 15, 2013, 3:32 PM EDT) -- Spectrum Pharmaceuticals Inc. was hit with a putative class action in Nevada federal court Thursday, accusing the biotechnology company of misleading investors about the sales potential of cancer treatment Fusilev, causing them to pay too much for the company's stock.

According to the plaintiffs, Spectrum shareholders John Perry and Judith Greenberg, Spectrum had made overly optimistic sales and revenue projections, despite knowing that Fusilev — one of the companies' two main products, alongside Zevalin, another cancer treatment — would soon face increased competition from a similar...
To view the full article, register now.