Health & Fitness
Mon, October 1, 2012
LOS ANGELES--([ BUSINESS WIRE ])--Glancy Binkow & Goldberg LLP announces that it is investigating potential claims on behalf of the shareholders of Peregrine Pharmaceuticals, Inc. (aPeregrinea or the aCompanya) (NASDAQ:PPHM) concerning possible breaches of fiduciary duties by the Company or its fiduciaries. Peregrine is a biopharmaceutical company that engages in the research and development of monoclonal antibodies for the treatment and diagnosis of cancer and viral infections.
"investors should not rely on clinical data that the company disclosed on or before September 7, 2012 from its Phase II bavituximab trial in patients with second-line non-small cell lung cancer or any presentations or other documents related to this Phase II trial."
The investigation is related to the Companyas September 24, 2012 announcement that ainvestors should not rely on clinical data that the company disclosed on or before September 7, 2012 from its Phase II bavituximab trial in patients with second-line non-small cell lung cancer or any presentations or other documents related to this Phase II trial.a
The Company had initially disclosed results from the clinical trial that claimed enhanced survival times for lung cancer patients taking bavituximab, resulting in a 46% increase in Peregrineas share price. However, following the Companyas announcement of discrepancies in the clinical trial, Peregrine shares experienced a $440 million decline in market value, falling from a $5.39-per-share closing price on September 21, 2012 to a closing price of $1.16 per share on September 24, 2012.
If you purchased Peregrine shares and still hold those shares, if you have information or would like to [ learn more ] about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to [ shareholders@glancylaw.com ], or visit our website at [ http://www.glancylaw.com ].
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