Published
September 24, 2026
Investors who bought Spectrum Pharmaceuticals common stock (formerly Nasdaq: SPPI) between May 12, 2022 and September 22, 2022 may qualify to claim a share of the $7 million Spectrum Pharmaceuticals securities class action settlement, estimated at about $0.08 per share before fees. Claims close October 12, 2026, and the final approval hearing is set for November 20, 2026.
Current Status
Claims are open. A claim filed online must be submitted by 11:59 p.m. Eastern Time on October 12, 2026, and a paper claim must be postmarked by the same date. The Court preliminarily approved the settlement on June 22, 2026 and will hold the final approval hearing on November 20, 2026 at 10:00 a.m.; no final approval order exists yet, and no payment date has been announced. Filing a claim with brokerage records is the step that preserves a share of the fund.Free settlement alerts
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Status
Claims Open
Claim Deadline
October 12, 2026
Online by 11:59 p.m. ET · mailed claims postmarked by the same date
Estimated Payout
About $0.08 per share
Average before fees and expenses · actual amount is pro rata by Recognized Loss
Proof Required
Yes
Brokerage records for Spectrum trades and holdings from May 11 through December 21, 2022
What Changed Recently?
The claim window opened after Judge Valerie E. Caproni of the U.S. District Court for the Southern District of New York preliminarily approved a $7,000,000 all-cash settlement of Ayoub v. Spectrum Pharmaceuticals, Inc., No. 1:22-cv-10292 (VEC), in an order entered June 22, 2026. The parties reached an agreement in principle at a mediation session on April 27, 2026 and signed the stipulation of settlement on June 1, 2026. Defendants and their insurers are funding the payment.The case was first filed in December 2022. Plaintiffs allege that Spectrum Pharmaceuticals and two of its former executives made misleading statements about the prospects for U.S. Food and Drug Administration approval of poziotinib, a cancer drug candidate the company was developing, and that the stock price fell when disclosures on September 20 and September 22, 2022 allegedly revealed the truth. In January 2024 the Court dismissed the claims tied to statements made on March 17, 2022 and allowed the rest of the case to proceed into discovery. The litigation later stalled over who would lead it: the Court disqualified the original lead plaintiff in August 2025 and appointed a replacement in January 2026, and the second mediation followed.
Defendants deny that they are liable to the class and deny that the class suffered any damages. They agreed to settle to end the cost, risk and distraction of further litigation. The Court has not decided whether any statement was false or misleading.
Who Qualifies?
The class covers all persons and entities that purchased Spectrum Pharmaceuticals, Inc. common stock between May 12, 2022 and September 22, 2022, both dates inclusive. The stock traded on Nasdaq under the ticker SPPI; the notice lists its CUSIP as 84763A108, which is the number to look for on older brokerage statements.Excluded are the defendants and their immediate families; current and former officers and directors of Spectrum during the class period and their immediate families; the legal representatives, heirs, successors and assigns of anyone excluded; any entity in which a defendant has or had a controlling interest; and anyone who submits a valid, timely request for exclusion.
Getting the postcard notice does not by itself make someone a class member, and not getting one does not rule anyone out. Eligibility turns on what was bought and when, which is why the claim form is built around trade records rather than a notice code.
How Much Can You Get?
The $7,000,000 settlement amount, plus any interest it earns, pays for notice and administration costs, taxes on that interest, and whatever attorneys' fees and expenses the Court awards before anything reaches investors. Lead Counsel will ask for fees of no more than 25% of the settlement amount and expenses of no more than $250,000, plus interest on both, which the notice estimates at about $0.02 per share. The lead plaintiff may seek an award of up to $7,500. The Court has not ruled on any of those requests.The notice estimates an average distribution of about $0.08 per share before those deductions. That is an average across all allegedly damaged shares, not a promise: each authorized claimant receives a pro rata share of the net fund based on their own Recognized Claim Amount compared with everyone else's, so an individual recovery can be higher or lower.
The Plan of Allocation assigns an estimated artificial inflation figure to each purchase date:
- Shares bought May 12, 2022 through September 19, 2022 — $0.56 per share
- Shares bought September 20, 2022 through September 22, 2022 — $0.19 per share
A share has to have been held through at least one of the two alleged corrective disclosures to count. Shares from the first group sold before the close of trading on September 19, 2022, and shares from the second group sold before the close on September 22, 2022, have a Recognized Loss of $0. Sales made between September 23 and December 21, 2022 are capped by the running 90-day average price, and shares still held at the close on December 21, 2022 are capped at the purchase price minus $0.43, the average trading price over that 90-day window.
As an illustration only: a share bought for $0.80 in June 2022 and still held on December 21, 2022 would carry a Recognized Loss of $0.37 — the lesser of the $0.56 inflation figure and $0.80 minus $0.43. That figure is a weighting used to split the fund, not the amount the claimant would receive.
Three more rules can shrink a claim. Sales are matched against holdings and purchases on a first-in, first-out basis, starting with shares held at the start of the class period. A claimant whose overall class-period trading in Spectrum produced a market gain receives nothing, and one whose market loss is smaller than the calculated figure is limited to the actual loss. And no payment is issued to anyone whose pro rata share would come to less than $10.00.
What Proof or Notice ID Is Required?
No Claim ID, PIN or notice code from the administrator is needed to start a claim — the online form is open to anyone, and filers who are not institutional representatives do not have to contact the administrator first. What the claim does require is documentation.The Proof of Claim asks for four things: the number of Spectrum shares held at the close of trading on May 11, 2022; every purchase from May 12 through December 21, 2022; every sale over that same span; and the number of shares held at the close on December 21, 2022. Each entry must be backed by broker confirmation slips, monthly brokerage statements, or an authorized statement from the broker showing the same information. Neither the parties nor the administrator have independent records of anyone's Spectrum trades. Profitable and losing trades both go on the form, and leaving transactions off can get a claim rejected.
The form also asks for the beneficial owner's identifying and contact details, including a Social Security or taxpayer identification number, and it is signed under penalty of perjury. Claimants send copies, never originals.
What Is the Deadline?
October 12, 2026. An online claim must be submitted by 11:59 p.m. Eastern Time on that date, and a mailed claim must be postmarked by October 12, 2026. The preliminary approval order lets Lead Counsel accept late claims at its discretion if that does not materially delay distribution, but nothing obliges it to, so a claim filed after the deadline should be treated as at risk.This settlement runs its other deadlines in an unusual order: requests for exclusion must be postmarked by October 30, 2026, and objections must be received by the Court and counsel by October 30, 2026 — both after the claim deadline. A class member who wants a payment files by October 12; one who wants to keep the right to sue on their own has until October 30 to opt out, and gives up any payment by doing so.
How Do You Take Action?
Claims are filed with the court-appointed administrator, Strategic Claims Services, through the official Spectrum Pharmaceuticals settlement website, which hosts the online claim form, the notice, the preliminary approval order and the stipulation. Filing costs nothing and does not require a lawyer.Gather the brokerage records first, then enter the beginning holdings, each purchase and sale in date order, and the ending holdings. Upload the supporting documents, sign, and submit. One claim goes in per legal entity: joint owners file together, an IRA is filed separately from an individual account, and an entity with several brokerage accounts combines them on one claim. The administrator sends an automated email confirming receipt of an online claim; keep it. Brokers and institutions filing for many accounts use a separate electronic spreadsheet process described on the settlement website.
What Happens Next?
Judge Caproni will consider at the November 20, 2026 hearing whether the settlement, the Plan of Allocation and Lead Counsel's fee and expense request are fair, reasonable and adequate. The Court can move the hearing or hold it remotely without mailing a new notice, and any change will be posted on the settlement website. How long the Court takes to rule after the hearing is not something the parties control.If the settlement is approved, appeals remain possible, and every claim has to be processed before money moves. No distribution date has been announced. If money is left in the net fund at least six months after the first distribution — from uncashed checks, tax refunds or otherwise — the administrator redistributes it to authorized claimants where that is economically feasible, and any final remainder goes to a non-sectarian, nonprofit charitable organization approved by the Court.
Sources and Verification
The figures, dates and mechanics on this page come from the court-authorized Notice of Pendency and Proposed Settlement of Class Action dated June 22, 2026, including its Plan of Allocation and the attached Proof of Claim and Release; the Order Preliminarily Approving Settlement and Providing for Notice entered the same day; and the official settlement website maintained by the claims administrator.- Official settlement website — Spectrum Pharmaceuticals Securities Settlement
- Notice of Pendency and Proposed Settlement, with Proof of Claim — read the notice
- Order Preliminarily Approving Settlement, Dkt. 199 — read the order
- Court docket — Ayoub v. Spectrum Pharmaceuticals, Inc., No. 1:22-cv-10292 (VEC), U.S. District Court for the Southern District of New York
This page is informational and is not legal advice.
Questions
Can Spectrum shares bought before May 12, 2022 be used in a claim?
No. Only purchases made from May 12, 2022 through September 22, 2022 can produce a Recognized Loss. The claim form still asks how many shares were held at the close of trading on May 11, 2022, because the administrator matches sales against those older shares first under the first-in, first-out rule before it looks at class-period purchases.
Why might a Spectrum claim calculate to zero?
Shares bought between May 12 and September 19, 2022 and sold before the close of trading on September 19, 2022 recover nothing, and the same is true of shares bought between September 20 and 22, 2022 and sold before the close on September 22, 2022, because neither was held through an alleged corrective disclosure. A claimant whose Spectrum trades during the class period produced an overall market gain also receives a Recognized Claim Amount of zero, and a claim whose share of the net fund would be under $10.00 is not paid.
Why is the Spectrum opt-out deadline later than the claim deadline?
The Court set the claim deadline at October 12, 2026 and the exclusion and objection deadlines at October 30, 2026. The order is unusual but the effect is simple: anyone who wants money has to file by October 12, and anyone who wants to keep the right to sue separately has until October 30 to mail a request for exclusion. A class member who excludes themselves cannot also receive a payment.
Who should sign a Spectrum claim for shares held at a brokerage?
The beneficial owner signs, not the brokerage listed as the record owner, and every joint owner has to sign. Executors, administrators, trustees and similar representatives may file for someone else but must state the capacity they are acting in and include proof of their authority. A separate claim goes in for each legal entity, so an IRA and an individual account are filed separately.
For more class actions keep scrolling below.
Settlement Amount
$7,000,000
Case Title
Ayoub v. Spectrum Pharmaceuticals, Inc.
Case Number
1:22-cv-10292 (VEC)
Court
U.S. District Court for the Southern District of New York
Final Approval Hearing
November 20, 2026 at 10:00 AM
Before Judge Valerie E. Caproni · check the settlement website for changes
Administrator
Strategic Claims Services
Official Website
Spectrum Pharmaceuticals Settlement
