Milberg LLP announces that class action lawsuits were filed in the United States District Court for the Central District of California on behalf of purchasers of Peregrine Pharmaceuticals, Inc. (“Peregrine”) (NASDAQ: PPHM) common stock during the period July 16, 2012 to September 26, 2012, (the “Class Period”). Milberg LLP has created a website ( http://www.PeregrineLawsuit.com) that seeks to answer common questions about shareholder class actions. The Complaints allege violations of the federal securities laws against Peregrine and certain of its officers and directors for issuing materially false and misleading financial information. On September 24, 2012, Peregrine disclosed that it had identified “major discrepancies” in the treatment group of the Phase II trial for its prospective lung cancer drug bavituximab and that investors should not rely on previously reported clinical data. In reaction to the news, Peregrine shares declined $4.23 per share or over 78%, to close at $1.16 per share on September 24, 2012. If you purchased Peregrine shares during the Class Period, you may, no later than November 27, 2012, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a class member that represents other class members in directing the litigation. Your share in any recovery will not be affected by serving as a lead plaintiff, however, lead plaintiffs make important decisions that could affect the overall recovery for class members. You do not need to be a lead plaintiff to recover. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover. If this action is certified as a class action, class members will be automatically represented by Court-appointed counsel. The complaint in this action was not filed by Milberg. Milberg LLP has represented individual and institutional investors for over four decades and serves as lead counsel in Courts throughout the United States. Visit the Milberg website ( www.milberg.com) for more information about the firm. If you wish to discuss this matter with us, please contact the following attorneys: Andrei Rado, Esq.Milberg LLPOne Pennsylvania Plaza, 49th Fl.New York, NY 10119-0165Phone number: 800-320-5081Email: firstname.lastname@example.org Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.
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.