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Hagens Berman Reminds Spectrum Pharmaceuticals Investors of May 13, 2013, Deadline in Securities Law

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By Business Wirevia The Motley Fool

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Hagens Berman Reminds Spectrum Pharmaceuticals Investors of May 13, 2013, Deadline in Securities Lawsuit

BERKELEY, Calif.–(BUSINESS WIRE)– Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds Spectrum Pharmaceuticals, Inc. (NAS: SPPI) investors of the May 13, 2013, lead plaintiff deadline in a pending lawsuit filed on their behalf. Investors who suffered financial losses can contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation, by emailing SPPI@hbsslaw.com.

The lawsuit filed in U.S. District Court identifies a class of Spectrum investors who purchased stock in the company between August 8, 2012, and March 12, 2013, inclusive (the “class period”). Investors who wish to move to be a lead plaintiff in the case may also contact the firm by calling (510) 725-3000 and must move the court no later than May 13, 2013. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

On March 12, 2013, Spectrum disclosed to investors that it would significantly lower its 2013 revenue guidance on concerns that sales of its drug FUSILEV would be lower than expected. Following the disclosure, Spectrum’s stock price fell dramatically, from a close of $12.43 per share on March 12 to a close of $7.79 per share on March 13. The stock has continued to trade at or around $7.00 since the disclosure.

Hagens Berman‘s investigation centers around whether Spectrum knew and failed to disclose to investors concerns about the sales of FUSILEV.

Hagens Berman reminds whistleblowers with inside information that rewards may be available to individuals who report information leading to a successful enforcement action by the Securities and Exchange Commission. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.

More information about this investigation is available at http://www.hb-securities.com/investigations/SPPI.

About Hagens Berman

Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the law firm and its successes can be found at www.hbsslaw.com. The Firm’s securities law blog is at http://www.meaningfuldisclosure.com.

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Hagens Berman Notifies Spectrum Pharmaceuticals Investors of Pending Class-Action Lawsuit and May 13

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By Business Wirevia The Motley Fool

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Hagens Berman Notifies Spectrum Pharmaceuticals Investors of Pending Class-Action Lawsuit and May 13, 2013, Lead Plaintiff Deadline

BERKELEY, Calif.–(BUSINESS WIRE)– Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, is investigating Spectrum Pharmaceuticals, Inc. (NAS: SPPI) (“Spectrum” or “The Company”) following the filing of a class-action lawsuit on behalf of investors. The firm encourages those who have suffered losses to contact Hagens Berman Partner Reed Kathrein, who is leading the Firm’s investigation, by emailing SPPI@hbsslaw.com.

A class-action lawsuit filed in U.S. District Court identifies a class of Spectrum investors who purchased stock in the company between August 8, 2012, and March 12, 2013, inclusive (the “class period”). Those who suffered significant losses and wish to move to be a lead plaintiff may also contact the firm by calling (510) 725-3000.

Investors who wish to serve as lead plaintiff in the case must move the court no later than May 13, 2013. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

On March 12, 2013, Spectrum disclosed to investors that it would significantly lower its 2013 revenue guidance on concerns that sales of its drug FUSILEV would be lower than expected. Following the disclosure, Spectrum’s stock price fell dramatically, from a close of $12.43 per share on March 12 to a close of $7.79 per share on March 13. The stock has continued to trade at or around $7.00 since the disclosure.

Hagens Berman‘s investigation centers around whether Spectrum knew and failed to disclose to investors concerns about the sales of FUSILEV.

“We are concerned that Spectrum knew that generic competition would substantially impact the company’s revenues and failed to disclose these concerns to investors,” said Mr. Kathrein. “We believe the company’s alleged failure to come clean with investors about these issues may have artificially inflated the stock price, resulting in very significant investor losses.”

Hagens Berman reminds whistleblowers with inside information that rewards may be available to individuals who report information leading to a successful enforcement action by the Securities and Exchange Commission. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.

More information about this investigation is available at http://www.hb-securities.com/investigations/SPPI.

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Market Close: Big Winners & Losers for March 13, 2013 (SCON, MMUS, SSNI, EGL, XWES, SPPI, SURG, SGMA, STP, VELT)

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By 24/7 Wall St.

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Here are today’s five biggest gaining stocks at closing:

Superconductor Technologies Inc. (NASDAQ: SCON) is up 70.4% at $3.86.

MakeMusic Inc. (NASDAQ: MMUS) is up 31.1% at $4.85.

Silver Spring Network Inc. (NYSE: SSNI) is up 28.8% at $21.89. This is the stock’s IPO.

Engility Holdings Inc. (NYSE: EGL) is up 18.7% at $23.17.

World Energy Solutions Inc. (NASDAQ: XWES) is up 19.2% at $4.40.

And here are today’s five biggest losing stocks at closing:

Spectrum Pharmaceuticals Inc. (NASDAQ: SPPI) is down 37.3% at $7.79.

Synergetics USA Inc. (NASDAQ: SURG) is down 29.2% at $3.59.

SigmaTron International Inc. (NASDAQ: SGMA) is down 23.4% at $4.71.

Suntech Power Holdings Co. Ltd. (NYSE: STP) is down 23.3% at $0.84.

Velti plc (NASDAQ: VELT) is down 22.8% at $2.40.

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: EGL, MMUS, SCON, SGMA, SPPI, SSNI, STP, SURG, VELT, XWES

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

24/7 Wall St. Closing Bell — March 13, 2013: Markets Hold On for Small Gains (BA, ORCL, WAG, YUM, EPB, DOLE, COOL, PPHM, EXPR, BFAM, MW, VRA, LODE, SOL, SPPI, VLO, EBAY)

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By 24/7 Wall St.

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U.S. equity markets opened slightly lower this morning following on some poor data on eurozone industrial production, which fell more than expected. Non-farm payrolls fell more than expected in France and the country’s CPI rose less than analysts had forecast. There was no data out of Asia this morning, but there are worries that China will tighten lending requirements for home purchases as the country tries to cool off the real estate market. In the U.S., retail sales came in better than expected (more coverage here), but new applications for mortgages fell as interest rates rose (more coverage here). The Business Roundtable released its economic outlook for spring, which suggests that sales and capital spending will rise, but hiring will remain slow (more coverage here).

The U.S. dollar index rose 0.34% today, now at 82.865. The GSCI commodity index is up 0.1% at 649.62, with commodities prices mostly lower today. WTI crude oil closed down fractionally today, at $92.52 a barrel, following the release of the EIA’s inventory report (more coverage here). Brent crude trades down 1.2% at $108.40 a barrel. Natural gas is up 1% today at about $3.68 per million BTUs. Gold settled down 0.2% today at $1,588.40 an ounce, largely due to the stronger dollar.

The unofficial closing bells put the DJIA up more than 5 points to 14,455.28 (0.04%), the NASDAQ rose nearly 3 points (0.09%) to 3,245.12, and the S&P 500 rose 0.13% or about 2 points to 1,554.52.

There were a several analyst upgrades and downgrades today, including Boeing Co. (NYSE: BA) reiterated as ‘buy’ with a price target of $100 at BofA/Merrill Lynch; Oracle Corp. (NASDAQ: ORCL) raised to ‘buy’ at Canaccord Genuity; Walgreen Co. (NYSE: WAG) raised to ‘buy’ at UBS; Yum! Brands Inc. (NYSE: YUM) maintained as ‘outperform’ and price target raised to $70 at Credit Suisse; and El Paso Pipeline Partners LP (NYSE: EPB) cut to ‘neutral’ and price target raised to $44 at Credit Suisse (more coverage of MLP ratings here).

Earnings reports since markets closed last night resulted in several price moves today, including these: Dole Food Company Inc. (NYSE: DOLE) is down 8.8% at $10.70; Majesco Entertainment Co. (NASDAQ: COOL) is down 16.3% at $0.60; Peregrine Pharmaceuticals Inc. (NASDAQ: PPHM) is down 8.2% at $1.45; and Express Inc. (NYSE: EXPR) is down 2.7% at $18.35 (more coverage here).

Before markets open tomorrow morning we are scheduled to hear from Bright Horizons Family Solutions Inc. (NYSE: BFAM), Men’s Wearhouse Inc. (NYSE: MW), Vera Bradley Inc. (NASDAQ: VRA), Comstock Mining Inc. (NYSEMKT: LODE), and ReneSola Ltd. (NYSE: SOL).

Some standouts among heavily traded stocks today include:

Spectrum Pharmaceuticals Inc. (NASDAQ: SPPI) is down 37.6% at $7.76 after posting a new 52-week low of $7.73 earlier today. The drugmaker lowered full-year guidance today by 40%, and the shorts had a field day.

Valero Energy Corp. (NYSE: VLO) is down 4.4% at $43.53. The oil refiner received an analyst downgrade today linked to the rising cost of renewable fuel credits.

eBay Inc. (NASDAQ: EBAY) is down …read more
Source: FULL ARTICLE at DailyFinance