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The spectra and gain characteristics were investigated for an asymmetric multiple quantum-well (AMQW) laser with two wide and two narrow QWs. It is reported that the laser initially lased on a long wavelength corresponding to the lowest energy transition of the wide well then switched to a short wavelength that was red-shifted more than 50 nm off the lowest energy transition of the narrow well. Correspondingly, the gain spectrum is much narrower than predicted by a free carrier gain theory. This large red wavelength shift or narrowing of the gain spectrum could not be explained by the present gain theories, while it could be explained satisfactorily by the measured gain spectra of QW lasers. This indicates that an accurate gain theory is required to predict the performance of AMQW lasers.