NEW YORK, Nov. 19, 2012 /PRNewswire/ -- Bernstein Liebhard LLP today announced that eight days remain to file a motion for lead plaintiff in a securities class action concerning Peregrine Pharmaceuticals, Inc. ("Peregrine" or the "Company") (NASDAQ: PPHM). The case, filed in the United States District Court, Central District of California, is on behalf of all persons (the "Class") who purchased Peregrine common stock between July 17, 2012 and September 26, 2012, inclusive (the "Class Period"). The action is brought under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10(b)-5 promulgated thereunder.
Peregrine is a biopharmaceutical company. The Company is focused on the research, development and commercialization of novel therapeutics for cancer and a wide range of viral diseases.
Throughout the Class Period, the Company made materially false and misleading statements regarding the Company's Bavituximab Phase II Second-Line Non-Small Cell Lung Cancer Trial ("Phase II Trial"). Specifically, the Company made false and/or misleading statements and/or failed to disclose that there were major discrepancies between some patient sample test results and patient treatment code assignments in the Company's Phase II Trial.On September 24, 2012, the Company disclosed that there were major discrepancies in the treatment group in the Phase II trial and that investors should not rely on previously reported clinical data disclosed from this Phase II Trial. On this news, Peregrine shares declined $4.23 per share or over 78%, to close at $1.16 per share on September 24, 2012. On September 26, 2012, after the market closed, Peregrine disclosed that it had received a notice of default from its lenders demanding full payment of all its obligations under a key loan agreement, plus a final payment fee equal to 6.5% of the principal amount repaid." On this news, Peregrine shares declined $0.55 per share or over 33%, to close at $1.11 per share on September 27, 2012. Plaintiffs seek to recover damages on behalf of all Class members who invested in Peregrine common stock during the Class Period. If you invested in Peregrine common stock as described above during the Class Period, and either lost money on the transaction or still hold the shares, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than November 27, 2012. A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
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