Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $50,000 Investing In Peregrine Pharmaceuticals, Inc.

  Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of
   $50,000 Investing In Peregrine Pharmaceuticals, Inc. To Contact The Firm

PR Newswire

NEW YORK, Nov. 17, 2012

NEW YORK, Nov. 17, 2012 /PRNewswire/ --Faruqi & Faruqi, LLP, a leading
national securities law firm, is investigating potential securities fraud at
Peregrine Pharmaceuticals, Inc.  ("Peregrine" or the "Company") (NASDAQ:
PPHM).

(Logo:http://photos.prnewswire.com/prnh/20120119/MM38856LOGO )

The investigation focuses on whether the Company and its executives violated
federal securities laws by failing to disclose that: (1) there were major
discrepancies between various patient sample test results and patient
treatment code assignments; (2) 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 misleading; and (3) as a result of
the foregoing, the Company's 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
sufficient support.

On September 24, 2012 Peregrine disclosed that during the course of preparing
for an end-of-phase II meeting with regulatory authorities and following
recent data announcements from its randomized, double-blind placebo-controlled
Phase II trial of bavituximab in second-line non-small cell lung cancer, the
Company discovered major conflicts between patient sample test results and
patient treatment code assignments. Moreover, Peregrine informed investors
that they should no longer depend on clinical data that the Company had
previously reported from its Phase II bavituximab trial in patients with
second-line non-small cell lung cancer.

On this news, the Company's share price declined $4.23 per share, or 78.48%,
to close on September 24, 2012, at $1.16 per share, on exceptionally heavy
volume.

Request more information now by clicking here: www.faruqilaw.com/PPHM. There
is no cost or obligation to you.

Take Action
If you purchased Peregrine stock or options between July 17, 2012 and
September 26, 2012 and would like to discuss your legal rights, visit
www.faruqilaw.com/PPHM. You can also contact us by calling Richard Gonnello
or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by
sending an e-mail to rgonnello@faruqilaw.com or fmcconville@faruqilaw.com.
Faruqi & Faruqi, LLP also encourages anyone with information regarding
Peregrine's conduct to contact the firm, including whistleblowers, former
employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is
Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or
predict a similar outcome with respect to any future matter. We welcome the
opportunity to discuss your particular case. All communications will be
treated in a confidential manner.

FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Francis McConville, Esq.
fmcconville@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330

SOURCE Faruqi & Faruqi, LLP

Website: www.faruqilaw.com
 
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