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Pomerantz Law Firm Investigates Claims On Behalf of Investors of Spectrum Pharmaceuticals, Inc. - SPPI
News provided byPomerantz LLP
Dec 05, 2022, 7:49 PM ET
NEW YORK, Dec. 5, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Spectrum Pharmaceuticals, Inc. ("Spectrum" or the "Company") (NASDAQ: SPPI). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Spectrum and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On September 22, 2022, Reuters reported that advisers to the U.S Food and Drug Administration "voted against recommending Spectrum Pharmaceuticals' 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 AstraZeneca's Enhertu."
On this news, Spectrum's stock price fell $0.207 per share, or 32.65%, to close at $0.427 per share on September 23, 2022.
Then, on November 25, 2022, Spectrum disclosed that "that the Company has received a Complete Response Letter (CRL) from the U.S. Food and Drug Administration (FDA) regarding Spectrum's New Drug Application (NDA) for poziotinib for the treatment of patients with previously treated locally advanced or metastatic non-small cell lung cancer ('NSCLC') harboring HER2 exon 20 insertion mutations. The FDA issued a CRL indicating the poziotinib application cannot be approved in its present form. Based on the CRL, the Company would have to generate additional data including a randomized controlled study prior to approval."
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP