Cohen Milstein Sellers & Toll PLLC Announces the Investigation of Peregrine Pharmaceuticals, Inc.
WASHINGTON--(BUSINESS WIRE)-- Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Peregrine Pharmaceuticals, Inc. ("Peregrine" or the "Company") and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Several class action lawsuits were filed in the U.S. District Court for the Central District of California by other law firms on behalf of purchasers of the common stock of Peregrine Pharmaceuticals, Inc. (NAS: PPHM) between July 16, 2012 and September 26, 2012, inclusive (the "Class Period").
The complaints allege that Peregrine and certain of its officers and directors ("Defendants") misrepresented and/or failed to disclose that: (1) the clinical data from the Company's Phase II trial of bavituximab, one of Peregrine's lead product candidates being developed as a second-line treatment for lung cancer, was unreliable because there were major discrepancies between some patient sample test results and patient treatment code assignments; (2) Peregrine lacked the proper internal controls relating to the conduct of clinical trials; (3) Peregrine lacked sufficient capital to fund its operations for the long term; and (4) as result of the foregoing, Defendants' positive statements about Peregrine's business, operations and prospects, lacked a reasonable basis.
On September 24, 2012, shares of Peregrine dropped from $5.39 to $1.16 after the Company informed investors they should no longer rely on clinical data it had previously reported from the Phase II bavituximab trial, because the Company had "discovered major discrepancies between some patient sample test results and patient treatment code assignments." On September 26, Peregrine reported that it had received a written Notice of Default from lenders on the remaining balance of a $30 million term loan indicating that the Company's announcement of major discrepancies in the bavituximab trial constituted a "material adverse change." The price of Peregrine shares dropped further on September 27 to $1.11.
Cohen Milstein encourages all investors who purchased Peregrine common stock between July 16, 2012 and September 26, 2012 or former employees with information concerning this matter to contact the firm.
If you are a Peregrine shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein's Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at email@example.com. If you wish to serve as lead plaintiff, you must move the Court no later than November 27, 2012 to request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may retain Cohen Milstein Sellers & Toll PLLC or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein Sellers & Toll PLLC has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Chicago, Philadelphia and West Palm Beach, and is active in major litigation pending in federal and state courts throughout the nation.
The firm's reputation for excellence has repeatedly been recognized by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen Milstein Sellers & Toll PLLC has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over a billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
West Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: firstname.lastname@example.org; email@example.com
KEYWORDS: United States North America District of Columbia
The article Cohen Milstein Sellers & Toll PLLC Announces the Investigation of Peregrine Pharmaceuticals, Inc. originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.