NEW YORK, Oct. 6, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Peregrine Pharmaceuticals, Inc. ("Peregrine" or the "Company") (NASDAQ: PPHM).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) there were major discrepancies between various patient sample test results and patient treatment code assignments; (2) the clinical data from the Company's randomized, double-blind placebo-controlled Phase II trial of bavituximab in second-line non-small cell lung cancer was misleading; and (3) as a result of the foregoing, the Company's positive statements about Peregrine's business, operations, and prospects, including those statements relating to the clinical data from the Company's randomized, double-blind placebo-controlled Phase II trial of bavituximab in second-line non-small cell lung cancer lacked sufficient support.
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 conflicts between patient sample test results and patient treatment code assignments. Moreover, Peregrine informed investors that they should no longer depend 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 plummeted by $4.23 per share, or 78.48%, to close on September 24, 2012, at $1.16 per share, on exceptionally heavy volume.
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If you purchased Peregrine stocks or options between September 7, 2012 and September 21, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/PPHM. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Peregrine's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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