Law Offices of Howard G. Smith announces that it is investigating potential claims against Peregrine Pharmaceuticals, Inc. (“Peregrine” or the “Company”) (NASDAQ:PPHM) concerning possible violations of federal securities laws. The investigation is related to allegations that certain statements issued by the Company between September 7, 2012 and September 21, 2012 concerning the Company’s business and financial prospects were false and misleading. Peregrine is a biopharmaceutical company with a portfolio of innovative monoclonal antibodies in clinical trials focused on the treatment and diagnosis of cancer. The Company is pursuing multiple clinical programs in cancer with its lead product candidate, bavituximab, and novel brain cancer agent Cotara. The investigation concerns allegations that the Company and certain of its executive officers violated federal securities laws by misrepresenting or failing to disclose material adverse facts about Peregrine’s business and financial prospects, including: (1) that 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 unreliable; (2) that there were major discrepancies between some patient sample test results and patient treatment code assignments; and (3), that the Company’s positive statements about its business, operations and prospects lacked a reasonable basis -- 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. If you purchased Peregrine securities between September 7, 2012 and September 21, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.
In trading on Thursday, shares of Peregrine Pharmaceuticals Inc.'s 10.50% Series E Convertible Preferred Stock were yielding above the 12% mark based on its quarterly dividend (annualized to $2.625), with shares changing hands as low as $20.34 on the day. As of last close, PPHMP was trading at a 11.40% discount to its liquidation preference amount.