Oct. 13, 2012
/PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Peregrine Pharmaceuticals, Inc.
("Peregrine" or the "Company") (NASDAQ: PPHM)
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) there were major discrepancies between various patient sample test results and patient treatment code assignments; (2) 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 misleading; and (3) as a result of the foregoing, the Company's 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 sufficient support.
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 conflicts between patient sample test results and patient treatment code assignments. Moreover, Peregrine informed investors that they should no longer depend 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 plummeted by
per share, or 78.48%, to close on
September 24, 2012
per share, on exceptionally heavy volume.
Request more information now by clicking here: www.faruqilaw.com/PPHM. There is no cost or obligation to you.
If you purchased Peregrine stocks or options between
July 16, 2012
September 26, 2012
and would like to discuss your legal rights, visit
. You can also contact us by calling
toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to
Faruqi & Faruqi, LLP also encourages anyone with information regarding Peregrine's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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