Robbins Umeda LLP Announces an Investigation of Peregrine Pharmaceuticals, Inc.
Robbins Umeda LLP is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Peregrine Pharmaceuticals, Inc. (NASDAQ: PPHM). Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.
Robbins Umeda LLP is investigating whether officers and directors of Peregrine breached their fiduciary duties to shareholders by permitting and failing to correct insufficient controls and improper procedures that led to major discrepancies in the results of the company’s mid-stage lung cancer trial. On September 24, 2012, Peregrine issued a press release warning that “investors should not rely on clinical data that the company disclosed on or before September 7, 2012 from its Phase II bavituximab trial in patients with second-line non-small cell lung cancer or any presentations or other documents related to this Phase II trial.” After initially disclosing results on September 7, 2012, from the trial that claimed that lung cancer patients taking bavituximab had a doubled survival time, shares of Peregrine saw a 46% increase to $4.50. After the announcement of the discrepancies in the trial, shares of Peregrine fell from a closing price of $5.39 on September 21, 2012 to a closing price of $1.16 on September 24, 2012, a $440 million decline in market value.
Robbins Umeda LLP highlights concerned Peregrine shareholders have several potential options available to them. Remedies commonly sought in the firm’s actions include corporate governance reforms designed to prevent future misconduct, removal of officers or directors whose misconduct injured the corporation, and monetary payments in the form of damages and disgorgement of ill-gotten gains.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.