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Peregrine shareholders who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon Lee of Lieff Cabraser toll-free at 1 (800) 541-7358.
Background on the Peregrine Securities Class Litigation
Peregrine is a biopharmaceutical company focused on the research, development and commercialization of therapeutics for cancer and viral infections.
The actions allege that during the Class Period, defendants issued materially false and misleading statements regarding the effectiveness of one of its key products, bavituxmab, an experimental drug for the treatment of non-small cell lung cancer. Specifically, defendants failed to disclose that there were major discrepancies in the results of the Company’s Phase II bavituxmab trial involving patients with second line non-small cell lung cancer, and that the results Peregrine previously disclosed were not reliable.
On September 24, 2012, Peregrine disclosed that it had discovered “major discrepancies” in the treatment group in the Phase II trial and cautioned investors that they should not rely on previously reported clinical data from the Phase II trial. On this news, Peregrine shares fell $4.23 per share, or over 78%, to close at $1.16 per share.