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SPPI.US
id: 1592

Spectrum Pharmaceuticals (SPPI) $15.95M Investor Settlement

Late claims are being considered for compensation, subject to approval.
$15,950,000
Cash Settlement
D. Nevada
Court
2:21-cv-01612
Case number
03/07/2018
Class period Start
11/03/2021
Class period End
10/01/2025
Claim deadline
Spectrum Pharmaceuticals ($ASRT) has agreed to settle $15.95 million with investors to resolve claims that it misled them about the effectiveness and FDA approval prospects of its two lead drug candidates.
Outline
Between 2018 and 2021, Spectrum promoted Poziotinib and Rolontis as promising therapies nearing FDA approval. Internally, however, executives were aware of poor clinical results, side effects, and manufacturing problems. As these issues surfaced, $SPPI fell by over 88%, and investors filed a lawsuit.
Timeline

  • December 19, 2018 – FDA denied Breakthrough Therapy Designation for Poziotinib.

  • December 26, 2019 – Spectrum announced that Poziotinib’s Cohort 1 trial failed to meet efficacy goals.

  • December 22, 2020 – Cohort 3 data also missed targets; $SPPI began a sharp decline.

  • August 5, 2021 – Spectrum continued with trial failures and falling share price.

  • August 30, 2021 – Investors filed a lawsuit, alleging that Spectrum misled them about clinical results and regulatory risk.

  • July 31, 2023 – Spectrum was delisted following its acquisition by Assertio.

  • May 9, 2025 – Spectrum agreed to a $15.95 million settlement.

Background
Spectrum Pharmaceuticals was a small biotech firm focused on late-stage drug development. Its pipeline centered around two products: Poziotinib, a treatment for certain lung cancers, and Rolontis, a drug for chemotherapy-related neutropenia.
While promoting both as near approval, Spectrum executives had access to data showing Poziotinib had failed to meet key safety and efficacy benchmarks. Trial participants experienced severe side effects that led to dose reductions and patient withdrawals. Despite this, the company told investors it remained confident in approval.
Rolontis also ran into regulatory issues. The FDA flagged serious manufacturing violations at a partner facility in South Korea, including sanitation issues and procedural lapses that delayed the approval process.
Even as these problems mounted, Spectrum raised more than $100 million through stock offerings, and insiders sold large amounts of personal shares.
After multiple failed trials and FDA rejections, $SPPI dropped nearly 88%.
After that, in August 2021, investors sued Spectrum for misrepresenting the development and approval prospects of its drug candidates.
The company was later acquired and delisted in 2023.
What Can Investors Expect Now?
Spectrum Pharmaceuticals ($ASRT) has agreed to settle $15.95 million with investors to resolve claims that it misled them about the effectiveness and FDA approval prospects of its two lead drug candidates.
If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section below.
Case Type
US Securities Class Action
Case Status
Accepting Late Claims
Alleged Offence
Misleading Statements, 
Failure to Disclose, 
Omissions
Suspected Party
Directors, 
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.06
Filing date
08/31/2021
Plaintiffs
International Trading Group
Attorneys
Robbins Geller Rudman & Dowd LLP
Defendants
Joseph W. Turgeon ; Kurt A. Gustafson; Francois J. Lebel, M.D. ; Thomas J. Riga
Judge
Cristina D. Silva
Administrator
Verita Global
Court hearing date
10/20/2025
Exclusion deadline
09/29/2025
Objection deadline
09/29/2025
Attorney fee
$4,985,000
Trades matching type
FIFO

Frequently Asked Questions

Who is eligible for this settlement?

All persons or entities who purchased or otherwise acquired Spectrum Pharmaceuticals, Inc. common stock between March 7, 2018 and August 5, 2021, inclusive, and were damaged thereby.

Do I have to sell securities to be eligible?

No, if you have purchased securities within the class period, you are eligible to participate.

You can participate in the settlement and retain (or sell) your securities.

How long does the payout process take?

The entire process usually takes 4 to 9 months after the claim deadline. But the exact timing depends on the court and settlement administration.

How much will my payment be?

The final payout amount depends on your specific trades and the number of investors participating in the settlement.

If 100% of investors file their claims - the average payout will be $0.06 per share. Although typically only 25% of investors file claims, in this case, the average recovery will be $0.24 per share.

How to get your payout?

If you're eligible, you can file your claim directly from this case page by clicking the "Collect Payout" button.

More than 100 companies are currently paying out settlements. Connect your brokerage account to automatically check which ones you may have missed — or file manually for this case.

What is 11th.com?

11th.com is an investor recovery company that helps investors track and collect securities class action settlements. We will:

1. Prepare documents for your payout.

2. Audit the claim and make sure you get the maximum possible payout.

3. File a claim with the settlement administration.

4. Correspond with the settlement administration to resolve emerging issues.

5. Deliver payout directly to your brokerage account.

There is no upfront cost, but we will deduct 20% of the recovered amount as a commission for our services.