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Peregrine Pharmaceuticals Inc (NASDAQ: PPHM) Investor Securities Class Action Lawsuit 09/28/2012

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Lawsuit Overview

Case Dismissed
Company
Peregrine Pharmaceuticals
Security
NASDAQ: PPHM

Case Name
Peregrine Pharmaceuticals Shareholder Class Action Lawsuit 09/28/2012
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

May 5, 2014 - The court granted the defendants' motion to dismiss without leave to amend.
August 23, 2013 - The court granted the defendants' motion to dismiss.

June 14, 2013 - The defendants filed a motion to dismiss.

April 5, 2013 - The lead plaintiff filed a consolidated complaint on behalf of investors who purchased Peregrine Pharmaceuticals (NASDAQ: PPHM) common shares between May 21, 2012 and September 26, 2012. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between May 21, 2012 and September 26, 2012.

September 28, 2012 - An investor in shares of Peregrine Pharmaceuticals (NASDAQ: PPHM) filed a lawsuit in the U.S. District Court for the Central District of California against Peregrine Pharmaceuticals over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between July 17, 2012 and September 26, 2012.

According to the complaint the plaintiff alleges on behalf of all persons who purchased Peregrine Pharmaceuticals (NASDAQ: PPHM) common stock between July 17, 2012 and September 26, 2012, that Peregrine Pharmaceuticals and certain of its officers violated the Securities Exchange Act of 1934 by issuing between July 17, 2012 and September 26, 2012 allegedly materially false and misleading statements regarding Peregrine Pharmaceuticals’ Bavituxmab Phase II Second-Line Non-Small Cell Lung Cancer Trial.

Specifically, so the plaintiff, Peregrine Pharmaceuticals allegedly 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 Peregrine Pharmaceuticals announced that it had discovered major discrepancies in treatment group cofding by an independent third-party vendor responsible for distribution of blinded investigational product used in its bavituximab phase II second-line non-small cell lung cancer trial.

Shares of Peregrine Pharmaceuticals (NASDAQ: PPHM) dropped from $5.36 per share on September 21, 2012 to as low as $0.99 on September 28, 2012.