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The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Spectrum Pharmaceuticals, Inc. (NASDAQ: SPPI) who purchased common stock between December 6, 2021 and September 22, 2022. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, according to the Spectrum lawsuit, defendants were conducting a phase 2 clinical trial called ZENITH20, which was an ongoing, multicenter, multi-cohort, open-label, activity-estimating study evaluating the anti-tumor effects, safety, and tolerability of poziotinib in patients with locally advanced or metastatic non-small cell lung cancer that have certain mutations and were previously treated with the standard of care. Although defendants represented that the safety and efficacy data from the ZENITH20 trial were positive and that they had initiated a required confirmatory phase 3 study, on September 20, 2022, a briefing document from the United States Food and Drug Administration Oncologic Drugs Advisory Committee disclosed not only negative data on the safety and efficacy of poziotinib, but also a failure by the Company to enroll any patients in a required phase 3 confirmatory trial.
Shareholders have until February 3, 2023 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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