STEVENSON, Md., Oct. 3, 2012 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of the securities of Peregrine Pharmaceuticals, Inc. ("Peregrine" or the "Company") (Nasdaq:PPHM) during the period between July 17, 2012 and September 26, 2012, inclusive (the "Class Period").
If you have suffered a net loss for all transactions in Peregrine Pharmaceuticals, Inc. securities during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than November 27, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint charges Peregrine and certain of its officers and directors with violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the previously reported results from Peregrine's Phase II trial in second-line non-small cell lung cancer could not be relied upon, as major discrepancies existed between patient sample test results and patient treatment codes, that Peregrine lacked the proper internal controls related to conducting clinical trials and reporting the results of those trials, and that Peregrine lacked sufficient capital to fund its operations for the long term. According to the complaint, after, on September 24, 2012, Peregrine issued a press release warning of discrepancies in the results of its mid-stage lung cancer trial and advising investors that they should not rely on the clinical data the Company had previously disclosed from its Phase II bavituximab trial in patients with second-line non-small cell lung cancer, the value of Peregrine shares declined significantly. According to the complaint, after, on September 26, 2012, Peregrine disclosed that a lender deemed the Company's disclosure on September 24, 2012 concerning the major discrepancies in the results from its cancer trial to be a material adverse change under the terms of a loan agreement was accelerating the loan and demanding repayment in full, the value of Peregrine shares again declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 email@example.comSource: Brower Piven, A Professional Corporation