San Diego, CA -- (SBWIRE) -- 10/03/2012 -- An investor in shares of Peregrine Pharmaceuticals (NASDAQ:PPHM) filed a lawsuit in the U.S. District Court, Central District of California against Peregrine Pharmaceuticals over alleged securities laws violations in certain allegedly false and misleading financial statements.
Investors who purchased shares of Peregrine Pharmaceuticals (NASDAQ:PPHM) between July 17, 2012 and September 26, 2012, have certain options and there are short and strict deadlines running. Deadline: November 27, 2012. NASDAQ:PPHM investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of all persons who purchased Peregrine Pharmaceuticals (NASDAQ:PPHM) common stock between July 17, 2012 and September 26, 2012, that Peregrine Pharmaceuticals and certain of its officers 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) dropped from $5.36 per share on September 21, 2012 to as low as $0.822 on Octber 2, 2012.
Those who purchased shares of Peregrine Pharmaceuticals (NASDAQ:PPHM), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego