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Faruqi & Faruqi, LLP is Investigating Peregrine Pharmaceuticals Inc. on Behalf of its Shareholders - PPHM
Date:4/9/2013

NEW YORK, April 9, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and the enforcement of federal antitrust laws, is investigating potential wrongdoing at Peregrine Inc. ("Peregrine" or the "Company") (NASDAQ: PPHM).  The investigation focuses on whether certain executive officers and directors of Peregrine breached their fiduciary duties 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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On September 24, 2012 Peregrine disclosed that during the course of preparing for an end-of-phase II meeting with regulatory authorities and following recent data announcements from its randomized, double-blind placebo-controlled Phase II trial of bavituximab in second-line non-small cell lung cancer, the Company discovered major conflicts between patient sample test results and patient treatment code assignments. Moreover, Peregrine informed investors that they should no longer depend on clinical data that the Company had previously reported from its Phase II bavituximab trial in patients with second-line non-small cell lung cancer.  Shareholders interested in seeking to recover damages on behalf of Peregrine and to i
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