Peregrine Pharmaceuticals, Inc PPHM Securities Lawsuit

Company:	Peregrine Pharmaceuticals, Inc
Ticker Symbol:	PPHM
Class Period:	Oct-3-12 to Sep-26-12
Date Filed:	Oct-3-12
Lead Plaintiff Deadline:	Dec-2-12
Court:	Central District of California
Allegations:

San Francisco, CA: A securities class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of a class (the "Class") consisting of all purchasers of the securities of Peregrine Pharmaceuticals, Inc. ("Peregrine" or the "Company") (NASDAQ:PPHM) between July 17, 2012 and September 26, 2012, inclusive (the "Class Period").

Peregrine is a biopharmaceutical company with a portfolio of innovative monoclonal antibodies in clinical trials focused on the treatment and diagnosis of cancer. The Company is pursuing multiple clinical programs in cancer with its lead product candidate, bavituximab, and novel brain cancer agent Cotara.

The Complaint alleges that throughout the Class Period the defendants issued false and/or misleading statements or failed to disclose material adverse facts about Peregrine's business and financial prospects, including that: (1) there were major discrepancies between some patient sample test results and patient treatment code assignments; (2) as such, the clinical data from the Company's randomized, double-blind placebo-controlled Phase II trial of bavituximab in second-line non-small cell lung cancer was unreliable; and (3) as result of the foregoing, the defendants' positive statements about Peregrine's business, operations, and prospects, including those statements relating to the clinical data from the Company's randomized, double-blind placebo-controlled Phase II trial of bavituximab in second-line non-small cell lung cancer lacked a reasonable basis.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

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Published on Oct-9-12