Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired Spectrum Pharmaceuticals, Inc. ("Spectrum") (NASDAQ: SPPI) common stock between March 17, 2022 and September 22, 2022, inclusive (the “Class Period”).
Spectrum purported to be a biopharmaceutical company focused on acquiring, developing, and commercializing novel oncology therapies. One of the drugs that Spectrum was focused on developing was poziotinib, or “pozi,” which was under investigation for the treatment of non-small cell lung cancer.
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material facts about the company’s business, operations, and prospects. Specifically, Defendants misrepresented and/or failed to disclose that: (1) the PINNACLE Study, which was a Phase 3 confirmatory trial of a 16 mg dose of Spectrum’s anti-cancer drug pozi QD, was enrolling patients and was on track to be substantially enrolled by November 24, 2022 despite no patients having been enrolled; (2) that the FDA had concerns about inadequate dose optimization data, efficacy and safety data, and did not agree with the design of the PINNACLE study; (3) the status of the PINNACLE study differed greatly than what was told to investors; and (4) as a result of the foregoing, Defendants’ statements about the company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Current Status of Case:
On January 6, 2026, the Court consolidated this action with a more recent lawsuit filed, and appointed Lead Plaintiff and Lead Counsel. This action is ongoing.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.