LOS ANGELES--(BUSINESS WIRE)-- Glancy Binkow & Goldberg LLP announces that all purchasers of the securities of Peregrine Pharmaceuticals, Inc. (“Peregrine” or the “Company”) (NASDAQ:PPHM) between July 17, 2012 and September 26, 2012, inclusive (the “Class Period”), have until November 27, 2012 to file a motion with the Court to be appointed as lead plaintiff. The securities fraud class action lawsuit was filed in the United States District Court for the Central District of California.
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 Peregrine’s 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 Company’s 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 defendants’ 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 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 purchased Peregrine securities between July 17, 2012 and September 26, 2012, you may move the Court no later than November 27, 2012 to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take action at this time; you may retain counsel of your choice or take no action and remain an absent Class member. To learn more about this action, or if you 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, Toll Free at (888) 773-9224, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com.
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Source: Glancy Binkow & Goldberg LLP