San Diego, CA -- (SBWIRE) -- 10/17/2012 -- An investigation on behalf of current long term investors in NASDAQ:PPHM shares was announced concerning whether certain officers and directors of Peregrine Pharmaceuticals breached their fiduciary duties regarding certain statements over Peregrine Pharmaceuticals’ Bavituxmab Phase II Second-Line Non-Small Cell Lung Cancer Trial.
Investors who are current long term stockholders in Peregrine Pharmaceuticals (NASDAQ:PPHM) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in Peregrine Pharmaceuticals (NASDAQ:PPHM) stocks follows a lawsuit filed earlier by shareholders against Peregrine Pharmaceuticals. The plaintiff alleges that Peregrine Pharmaceuticals violated the Securities Exchange Act of 1934 by issuing between July 17, 2012 and September 26, 2012 allegedly materially false and misleading statements regarding Peregrine Pharmaceuticals’ Bavituxmab Phase II Second-Line Non-Small Cell Lung Cancer Trial. Specifically, so the plaintiff, Peregrine Pharmaceuticals allegedly 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 Peregrine Pharmaceuticals announced that it had discovered major discrepancies in treatment group cofding by an independent third-party vendor responsible for distribution of blinded investigational product used in its bavituximab phase II second-line non-small cell lung cancer trial.
Shares of Peregrine Pharmaceuticals (NASDAQ:PPHM) fell from $5.47 per share on September 21, 2012 to as low as $0.69 on October 9, 2012.
On October 16, 2012, NASDAQ:PPHM shares closed at $0.70 per share.
Those who are current long term investors in Peregrine Pharmaceuticals (NASDAQ:PPHM) shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego