This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Cohen Milstein Sellers & Toll PLLC Announces The Investigation Of Peregrine Pharmaceuticals, Inc.

Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Peregrine Pharmaceuticals, Inc. (“Peregrine” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

Several class action lawsuits were filed in the U.S. District Court for the Central District of California by other law firms on behalf of purchasers of the common stock of Peregrine Pharmaceuticals, Inc. (NASDAQ: PPHM) between July 16, 2012 and September 26, 2012, inclusive (the “Class Period”).

The complaints allege that Peregrine and certain of its officers and directors (“Defendants”) misrepresented and/or failed to disclose that: (1) the clinical data from the Company’s Phase II trial of bavituximab, one of Peregrine’s lead product candidates being developed as a second-line treatment for lung cancer, was unreliable because there were major discrepancies between some patient sample test results and patient treatment code assignments; (2) Peregrine lacked the proper internal controls relating to the conduct of clinical trials; (3) Peregrine lacked sufficient capital to fund its operations for the long term; and (4) as result of the foregoing, Defendants’ positive statements about Peregrine’s business, operations and prospects, lacked a reasonable basis.

On September 24, 2012, shares of Peregrine dropped from $5.39 to $1.16 after the Company informed investors they should no longer rely on clinical data it had previously reported from the Phase II bavituximab trial, because the Company had “discovered major discrepancies between some patient sample test results and patient treatment code assignments.” On September 26, Peregrine reported that it had received a written Notice of Default from lenders on the remaining balance of a $30 million term loan indicating that the Company’s announcement of major discrepancies in the bavituximab trial constituted a “material adverse change.” The price of Peregrine shares dropped further on September 27 to $1.11.

Cohen Milstein encourages all investors who purchased Peregrine common stock between July 16, 2012 and September 26, 2012 or former employees with information concerning this matter to contact the firm.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,719.92 -78.57 -0.44%
S&P 500 2,080.41 -9.70 -0.46%
NASDAQ 5,108.6660 -18.8590 -0.37%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs