March 10, 2016 (Shareholders Foundation) - An investigation on behalf of investors of Peregrine Pharmaceuticals (NASDAQ:PPHM) shares over potential securities laws violations by Peregrine Pharmaceuticals and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Peregrine Pharmaceuticals (NASDAQ:PPHM) concerning whether a series of statements by Peregrine Pharmaceuticals regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Peregrine Pharmaceuticals reported that its Total Revenue rose from $21.68 million for the 12 months period that ended on April 30, 2013 to $26.78 million for the 12 months period that ended on April 30, 2015 while its net Loss increased from $29.78 million to $50.36 million.

On February 25, 2016, Peregrine Pharmaceuticals revealed that it was discontinuing the Company's phase III SUNRISE trial of bavituximab in patients with previously treated locally advanced or metastatic non-squamous non-small cell lung cancer. Peregrine Pharmaceuticals said that the decision to stop the trial was based on the recommendation of the study's Independent Data Monitoring Committee, which found that the bavituximab plus docetaxel group was underperforming when compared to the docetaxel group. Peregrine Pharmaceuticals also announced that it had put other chemotherapy combination studies on hold until it had a clear understanding of the SUNRISE study results.

Shares of Peregrine Pharmaceuticals (NASDAQ:PPHM) declined to as low as $0.37 per share on February 26, 2016, respectively $0.33 per share on March 2, 2016.