Milberg LLP Announces Pendency of Class Action Lawsuits Filed Against Peregrine Pharmaceuticals, Inc. (PPHM)

NEW YORK — (BUSINESS WIRE) — Milberg LLP announces that class action lawsuits were filed in the United States District Court for the Central District of California on behalf of purchasers of Peregrine Pharmaceuticals, Inc. (“Peregrine”) (NASDAQ: PPHM) common stock during the period July 16, 2012 to September 26, 2012, (the “Class Period”).

Milberg LLP has created a website that seeks to answer common questions about shareholder class actions.

The Complaints allege violations of the federal securities laws against Peregrine and certain of its officers and directors for issuing materially false and misleading financial information.

On September 24, 2012, Peregrine disclosed that it had identified “major discrepancies” in the treatment group of the Phase II trial for its prospective lung cancer drug bavituximab and that investors should not rely on previously reported clinical data. In reaction to the news, Peregrine shares declined $4.23 per share or over 78%, to close at $1.16 per share on September 24, 2012.

If you purchased Peregrine shares during the Class Period, you may, no later than November 27, 2012, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a class member that represents other class members in directing the litigation. Your share in any recovery will not be affected by serving as a lead plaintiff, however, lead plaintiffs make important decisions that could affect the overall recovery for class members. You do not need to be a lead plaintiff to recover. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover. If this action is certified as a class action, class members will be automatically represented by Court-appointed counsel. The complaint in this action was not filed by Milberg.

Milberg LLP has been representing consumers and investors for more than four decades and serves as lead counsel in federal and state courts throughout the United States.

Apply to Join this Action as a Lead Plaintiff.

The undersigned individual(s) or institution (“Proposed Lead Plaintiff”) hereby authorizes Milberg LLP (“Milberg”) to apply for appointment of the undersigned as a Lead Plaintiff and for appointment of Milberg as Lead Counsel in connection with federal securities litigation seeking damages and other relief against the company listed and any other persons or entities that may have liability in this matter. The undersigned represents and warrants that he/she is authorized to execute this Authorization with respect to transaction(s) listed. If appointed, Milberg will prosecute this litigation on a contingent fee basis and will advance all costs and expenses.The undersigned understands (1) that Lead Plaintiff status is not required in order to share in any recovery that may result from this litigation and (2) that Milberg will in its discretion determine whether the undersigned will be included in a Lead Plaintiff application for this litigation. If Milberg determines to include the undersigned in such a Lead Plaintiff application, Milberg will contact the undersigned to arrange for execution of a retention letter.

To complete this Authorization, please click here and fill out the Certification.

If you wish to discuss this matter with us, please contact the following attorneys:

Andrei Rado, Esq.
Milberg LLP
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: (800) 320-5081

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