NEW YORK, Oct. 12, 2012 (GLOBE NEWSWIRE) -- Shareholders of Peregrine Pharmaceuticals, Inc. ("Peregrine" or the "Company") (Nasdaq:PPHM), are reminded of the securities class action against Peregrine and certain of its officers. The class action (12-cv-8400), filed in the United States District Court, Central District of California, is on behalf of all persons who purchased common stock between July 17, 2012 and September 26, 2012, inclusive (the "Class Period"). This class action is brought under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10(b)-5 promulgated thereunder.
If you are a shareholder who purchased Peregrine common stock during the Class Period, you have until November 27, 2012 to ask the Court to appoint you as Lead Plaintiff for the class. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
Peregrine is a biopharmaceutical company. The Company is focused on the research, development and commercialization of novel therapeutics for cancer and a wide range of viral diseases.
Throughout the Class Period, the Company made materially false and misleading statements regarding the Company's Bavituxmab Phase II Second-Line Non-Small Cell Lung Cancer Trial ("Phase II Trial"). Specifically, the Company 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, the Company disclosed that it had discovered major discrepancies in the treatment group in the Phase II trial and that investors should not rely on previously reported clinical data disclosed from this Phase II Trial. On this news, Peregrine shares declined $4.23 per share or over 78%, to close at $1.16 per share on September 24, 2012.
On September 26, 2012, after the market closed, Peregrine disclosed that it had received a notice of default from its lenders demanding "full payment of all obligations under the Loan Agreement, including the outstanding principal amount of $15 million and all accrued interest thereon, plus a final payment fee equal to 6.5% of the principal amount repaid." On this news, Peregrine shares declined $0.55 per share or over 33%, to close at $1.11 per share on September 27, 2012.
The Pomerantz Firm, with offices in New York, Chicago and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 75 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of defrauded investors. See www.pomerantzlaw.com.