Health & Fitness
Mon, October 1, 2012
LOS ANGELES--([ BUSINESS WIRE ])--Glancy Binkow & Goldberg LLP, representing investors of Peregrine Pharmaceuticals, Inc. (aPeregrinea or the aCompanya) (NASDAQ:PPHM), has filed a class action lawsuit in the United States District Court for the Central District of California on behalf of a class (the aClassa) consisting of all purchasers of Peregrine securities between September 7, 2012 and September 21, 2012, inclusive (the aClass Perioda).
A copy of the [ Complaint ] is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, or by email at [ shareholders@glancylaw.com ].
Peregrine is a biopharmaceutical company with a portfolio of innovative monoclonal antibodies in clinical trials focused on the treatment and diagnosis of cancer. The Company is pursuing multiple clinical programs in cancer with its lead product candidate, bavituximab, and novel brain cancer agent Cotara.
The Complaint alleges that throughout the Class Period the defendants issued false and/or misleading statements or failed to disclose material adverse facts about Peregrineas business and financial prospects, including that: (1) there were major discrepancies between some patient sample test results and patient treatment code assignments; (2) as such, the clinical data from the Companyas randomized, double-blind placebo-controlled Phase II trial of bavituximab in second-line non-small cell lung cancer was unreliable; and (3) as result of the foregoing, the defendantsa positive statements about Peregrineas business, operations, and prospects, including those statements relating to the clinical data from the Companyas randomized, double-blind placebo-controlled Phase II trial of bavituximab in second-line non-small cell lung cancer lacked a reasonable basis.
On September 24, 2012 Peregrine disclosed that during the course of preparing for an end-of-phase II meeting with regulatory authorities and following recent data announcements from its randomized, double-blind placebo-controlled Phase II trial of bavituximab in second-line non-small cell lung cancer, the Company discovered major discrepancies between some patient sample test results and patient treatment code assignments. Moreover, Peregrine informed investors that they should no longer rely on clinical data that the Company had previously reported from its Phase II bavituximab trial in patients with second-line non-small cell lung cancer.
On this news, the Company's shares declined $4.23 per share, or 78.48%, to close on September 24, 2012, at $1.16 per share, on unusually heavy volume.
If you are a member of the Class described above, you may move the Court, no later than 60 days from the date of this Notice to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to [ learn more ] about this action or have any questions concerning this Notice 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 or Toll Free at (888) 773-9224, by e-mail to [ shareholders@glancylaw.com ], or visit our website at [ http://www.glancylaw.com ].
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
