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Peregrine Pharmaceuticals (NASDAQ:PPHM) Investor Files Lawsuit In Conncetion With Executive Compensation

  • If you purchased shares of Peregrine Pharmaceuticals (NASDAQ:PPHM) you have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Peregrine Pharmaceuticals
Security
NASDAQ: PPHM

Case Name
Peregrine Pharmaceuticals Shareholder Derivative Lawsuit 10/18/2013
Type of Lawsuit
Stockholder Derivative Action
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Summary

October 22, 2013 (Shareholders Foundation) - An investor who holds shares of Peregrine Pharmaceuticals (NASDAQ:PPHM) filed a lawsuit against directors of Peregrine Pharmaceuticals in connection with allegedly excessive compensation.
According to the complaint the plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:PPHM stockholders by agreeing to excessive compensation that included favorable stock options granted days before favorable news about one of its signature cancer treatments

Peregrine Pharmaceuticals (NASDAQ:PPHM) reported that its Total Revenue rose from $15.23 million for the 12 months period that ended on April 30, 2012 to $21.68 million for the 12 months period that ended on April 30, 2013 and that its respective Net Loss declined from $42.12 million to $29.78 million.

Shares of Peregrine Pharmaceuticals (NASDAQ:PPHM) traded in early 2013 as high as $2.43 per share.

On Oct. 22, 2013, NASDAQ:PPHM shares closed at $1.40 per share.