Dyer & Berens LLP Files Class Action on Behalf of Investors Who Purchased Peregrine Pharmaceuticals, Inc. Common Stock between 8/30/12 and 9/26/12
DENVER, CO – October 2, 2012 – Dyer & Berens LLP today announced that it has filed a class action lawsuit in the United States District Court for the Central District of California on behalf of purchasers of Peregrine Pharmaceuticals, Inc. (NASDAQ: PPHM) common stock during the period between August 30, 2012 and September 26, 2012 (the “Class Period”).
What actions may I take at this time? If you purchased shares during the Class Period and wish to serve as a lead plaintiff, you must request appointment by the court no later than November 27, 2012. A “lead plaintiff” works with counsel to direct the litigation and participates in important decisions, including the amount of compensation to accept in settlement of the class action. Members of the putative class may move the court to serve as lead plaintiffs through counsel of their choice, or may choose to do nothing and remain absent class members.
If you would like to discuss this action, the lead plaintiff process, or have any questions concerning this notice, please contact plaintiff’s counsel, Jeffrey A. Berens, Esq., at (888) 300-3362 x302 or via email at
What are the allegations in the complaint? The complaint contains allegations that, during the Class Period, defendants issued materially false and misleading statements regarding the effectiveness of Peregrine’s experimental drug, bavituximab, as a treatment for non-small cell lung cancer. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (a) the previously reported results from Peregrine’s Phase II trial in second-line non-small cell lung cancer could not be relied upon, as major discrepancies existed between patient sample test results and patient treatment codes; (b) Peregrine lacked the proper internal controls related to conducting clinical trials and reporting the results of those trials; (c) Peregrine lacked sufficient capital to fund its operations for the long term; and (d) Peregrine lacked a reasonable basis to make positive statements about the company or its outlook, including statements about the effectiveness of Peregrine’s key product, bavituximab (a phosphatidylserine targeting anti-body) for patients with non-small cell lung cancer, or the company’s ability to fund its operations for the next 12 months. Based upon the foregoing, the complaint charges the company and certain of its officers and directors with violations of the Securities Exchange Act of 1934.
About Dyer & Berens LLP. The plaintiff is represented by Dyer & Berens LLP. The firm’s extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors.
Jeffrey A. Berens
Dyer & Berens LLP
303 East 17th Avenue, Suite 300
Denver, CO 80203
Tel: (888) 300-3362 x302