On September 26, 2012, after the market closed, Peregrine disclosed that it had received a notice of default from one of its lenders which deemed the Company’s disclosure on September 24, 2012 concerning the Phase II trial results to be a material adverse change under the terms of the loan agreement and, as a result, the lender accelerated the repayment of the loan and demanded repayment in full for the outstanding loan amount. On this news, Peregrine shares fell another $0.55 per share, or over 33%, to close at $1.11 per share on September 27, 2012.
About Lieff Cabraser
Lieff, Cabraser, Heimann & Bernstein, LLP, with offices in San Francisco, New York and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. In compiling the list, the National Law Journal examined recent verdicts and settlements in addition to overall track records. Lieff Cabraser is one of only two plaintiffs’ law firms in the United States to receive this honor for the last ten consecutive years.For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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