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Spectrum Pharmaceuticals Misled on Study Results, Investor Says

Dec. 6, 2022, 11:53 PM

Spectrum Pharmaceuticals Inc. and three of its executives falsely told the public that poziotinib, a cancer drug in development, showed positive results in a clinical trial and that a confirmatory study was beginning, an investor says in a proposed class action.

As pieces of contradictory information emerged from the Food and Drug Administration, the price of Spectrum’s stock dropped 37%, 30%, and 31%, investor Enrique Osorio-Franco says. He filed his complaint Monday in the US District Court for the Southern District of New York.

Spectrum was developing “pozi” to treat a subset of patients with non-small cell lung cancer, according ...