BENSALEM, Pa.--(BUSINESS WIRE)-- Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of a class (the “Class”) consisting of 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”).
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.
To be a member of the Class, you need not take any action at this time or you may retain counsel of your choice. If you purchased Peregrine securities between July 17, 2012 and September 26, 2012, if you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at 215-638-4847, Toll-Free at 888-638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
Source: Law Offices of Howard G. Smith