Gainey & McKenna Announces a Securities Fraud Class Action Lawsuit Has Been Filed Against Peregrine Pharmaceuticals, Inc. -- PPHM

NEW YORK, Oct. 1, 2012 (GLOBE NEWSWIRE) -- Gainey & McKenna announces that a class action lawsuit has been filed in the in the United States District Court, Central District of California, on behalf of a class consisting of all purchasers of the common stock of Peregrine Pharmaceuticals, Inc. ("Peregrine" or the "Company") (Nasdaq:PPHM) between July 17, 2012 and September 26, 2012, inclusive (the "Class Period"). This class action is brought under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10(b)-5 promulgated thereunder.

The Complaint alleges that the Company made materially false and misleading statements regarding the Company's Bavituxmab Phase II Second-Line Non-Small Cell Lung Cancer Trial ("Phase II Trial"). Specifically, the Company made false and/or misleading statements and/or failed to disclose that there were major discrepancies between some patient sample test results and patient treatment code assignments in the Company's Phase II Trial.

If you wish to serve as lead plaintiff, you must move the Court no later than November 27, 2012. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Thomas J. McKenna, Esq. of Gainey & McKenna at (212) 983-1300, or via e-mail at Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

While Gainey & McKenna did not file the Complaint in this matter, the firm, with offices in New York and New Jersey, regularly prosecutes cases on behalf of shareholders in state and federal courts throughout the United States.

Source: Gainey & McKenna