Lieff Cabraser Reminds Peregrine Pharmaceuticals, Inc. Investors Of Upcoming Deadline In Class Action Lawsuits
Cabraser Heimann & Bernstein, LLP reminds investors of the
November 27, 2012 deadline to move for appointment as lead plaintiff in
class litigation against Peregrine Pharmaceuticals,...
Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the November 27, 2012 deadline to move for appointment as lead plaintiff in the securities class litigation against Peregrine Pharmaceuticals, Inc. (“Peregrine” or the “Company”) (NASDAQ:PPHM), brought on behalf of all persons who purchased or otherwise acquired the securities of Peregrine between July 16, 2012 and September 26, 2012, inclusive (the “Class Period”). If you purchased or otherwise acquired Peregrine securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than November 27, 2012. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action. 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. 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.
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.