Bernstein Liebhard LLP Announces That Eight Days Remain To File A Motion For
Lead Plaintiff In Class Action Concerning Peregrine Pharmaceuticals, Inc.
NEW YORK, Nov. 19, 2012
NEW YORK, Nov. 19, 2012 /PRNewswire/ -- Bernstein Liebhard LLP today announced
that eight days remain to file a motion for lead plaintiff in a securities
class action concerning Peregrine Pharmaceuticals, Inc. ("Peregrine" or the
"Company") (NASDAQ: PPHM). The case, filed in the United States District
Court, Central District of California, is on behalf of all persons (the
"Class") who purchased Peregrine common stock between July 17, 2012 and
September 26, 2012, inclusive (the "Class Period"). The action is brought
under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule
10(b)-5 promulgated thereunder.
(Logo: http://photos.prnewswire.com/prnh/20120202/MM47134LOGO )
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 Bavituximab 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 there were 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 its obligations under a key loan agreement, 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
Plaintiffs seek to recover damages on behalf of all Class members who invested
in Peregrine common stock during the Class Period. If you invested in
Peregrine common stock as described above during the Class Period, and either
lost money on the transaction or still hold the shares, you may wish to join
in this action to serve as lead plaintiff. In order to do so, you must meet
certain requirements set forth in the applicable law and file appropriate
papers no later than November 27, 2012.
A "lead plaintiff" is a representative party that acts on behalf of other
class members in directing the litigation. In order to be appointed lead
plaintiff, the court must determine that the class member's claim is typical
of the claims of other class members, and that the class member will
adequately represent the class. Under certain circumstances, one or more
class members may together serve as lead plaintiff. Your ability to share in
any recovery is not, however, affected by the decision whether or not to serve
as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel
of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a Peregrine shareholder
and/or have information relating to the matter, please contact Joseph R.
Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and
shareholder rights cases and recovered over $3 billion for its clients. It
has been named to The National Law Journal's "Plaintiffs' Hot List" in each of
the last ten years.
You can obtain a copy of the complaint from the clerk of the court for the
United States District Court for the Central District of California.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
ATTORNEY ADVERTISING. © 2012 Bernstein Liebhard LLP. The law firm responsible
for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New
York, New York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of Connecticut is Michael S. Bigin. Prior results
do not guarantee or predict a similar outcome with respect to any future
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
SOURCE Bernstein Liebhard LLP
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