NEW YORK, March 19, 2013 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Spectrum Pharmaceuticals, Inc. ("Spectrum" or the "Company") (NASDAQ: SPPI), concerning whether the board has breached its fiduciary duties to shareholders.
On March 12, 2013, the Company announced that sales of its drug, FUSILEV, would be significantly lower during 2013 due to changes in market demand for FUSILEV. As a result, the Company decreased its 2013 revenue guidance from approximately $300 million to as low as $160 million.
On this news, Spectrum shares lost more than 35% of their value in one day of trading to close at $7.79 per share on March 13, 2013, down from $12.43 per share at close on March 12, 2013.
Our investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own Spectrum shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq. Matthew M. Houston, Esq. Benjamin I. Sachs-Michaels, Esq. Harwood Feffer LLP 488 Madison Avenue New York, New York 10022 Phone Numbers: (877) 935-7400 (212)935-7400 Email: firstname.lastname@example.org Website: http://www.hfesq.com
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
Attorney Advertising. © 2013 Harwood Feffer LLP. The law firm responsible for this advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter.
SOURCE Harwood Feffer LLP