National securities law firm Faruqi & Faruqi, LLP said it is investigating potential securities fraud at Peregrine Pharmaceuticals, Inc.(PPHM).
The law firm noted that the investigation focuses on whether the company and its executives violated federal securities laws by failing to disclose that: (1) there were major discrepancies between various patient sample test results and patient treatment code assignments; (2) the clinical data from the company's randomized, double-blind placebo-controlled Phase II trial of bavituximab in second-line non-small cell lung cancer was misleading; and (3) as a result of the foregoing, the company's positive statements about Peregrine's business, operations, and prospects, including those statements relating to the clinical data from the company's randomized, double-blind placebo-controlled Phase II trial of bavituximab in second-line non-small cell lung cancer lacked sufficient support.
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