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Christiansen v. Spectrum Pharm. Inc.

Plaintiff Adequately Alleges Drug Company's Scienter Over Statements About FDA Approval

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OPINION & ORDER Plaintiff in this putative securities fraud class action alleges that Spectrum Pharmaceuticals, Inc. (“Spectrum” or the “Company”) and its executives (together, “Defendants”) made false or misleading statements about Spectrum’s progress securing accelerated U.S. Food and Drug Administration (“FDA”) approval of a new drug to treat lung cancer. Plaintiff brings claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. §§78j(b), 78t(a) (the “Exchange Act”), and related regulations. See generally Consolidated Class Action Complaint (the “CCAC”), Dkt. 67.¹ On July 25, 2023, Defendants moved to dismiss the action for failure to state a claim pursuant to Federal Rule of Civil Procedure 12(b)(6). See Defs. Not. of Mot., Dkt. 69. For the following reasons, Defendants’ motion is DENIED in part and GRANTED in part. BACKGROUND² Spectrum is a publicly traded biopharmaceutical company that develops drugs to treat cancer. CCAC 46. Thomas Riga (“Riga”) is Spectrum’s Chief Executive Officer (“CEO”). Id.

1, 47. Francois Lebel (“Lebel”) formerly was Spectrum’s Executive Vice President (“EVP”) and Chief Medical Officer (“CMO”). Id.

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