NEW YORK, Oct. 3, 2012 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of investors who acquired Peregrine Pharmaceuticals, Inc. ("Peregrine" or the "Company") (Nasdaq:PPHM) securities between August 30, 2012 and September 26, 2012.
For more information, click here: http://zlk.9nl.com/peregrine-pharmaceuticals-pphm/. There is no cost or obligation to you.
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: (a) there were major discrepancies between some patient sample test results and patient treatment code assignments; (b) as such, the clinical data from the Company's Phase II trial of its drug bavituximab was unreliable; and (c) as result of the foregoing, the defendants' positive statements about Peregrine's business, operations, and prospects lacked a reasonable basis.
On September 24, 2012 Peregrine disclosed the discovery of major discrepancies between some patient sample test results and patient treatment code assignments, and acknowledged that as a result of these discrepancies, previously reported clinical data from its Phase II trial could no longer be relied upon. Upon this news, Peregrine shares declined 78.48% to close at $1.16 per share on September 24, 2012.
If you suffered a loss in Peregrine you have until November 27, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/peregrine-pharmaceuticals-pphm/.
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.comSource:Levi & Korsinsky, LLP