SOURCE: Holzer Holzer & Fistel, LLC

Holzer Holzer & Fistel, LLC

November 13, 2012 10:10 ET

Holzer Holzer & Fistel, LLC Has Filed a Class Action Lawsuit on Behalf of Investors in Peregrine Pharmaceuticals, Inc.; Reminds Investors With Large Losses of November 27th Lead Plaintiff Deadline

ATLANTA, GA--(Marketwire - Nov 13, 2012) - Holzer Holzer & Fistel, LLC has filed a class action lawsuit in the United States District Court for the Central District of California on behalf of purchasers of Peregrine Pharmaceuticals, Inc. ("Peregrine" or the "Company") (NASDAQ: PPHM) common stock who purchased shares between August 30, 2012 and September 26, 2012, inclusive (the "Class Period"). The lawsuit alleges, among other things, that Peregrine knew but failed to adequately disclose: a) previously reported results from its Phase II trial in second-line non-small cell lung cancer interim results could not be relied upon as major discrepancies existed between patient sample test results and patient treatment codes; b) the Company lacked the proper internal controls related to conducting clinical trials and reporting the results of the clinical trials; and c) the Company lacked a reasonable basis to make positive statements about the Company or its outlook, including statements about the effectiveness of bavituximab for patients with non-small cell lung cancer.

If you purchased Peregrine common stock during the Class Period, you have the legal right to petition the Court to be appointed a "lead plaintiff." A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any such request must satisfy certain criteria and be made no later than November 27, 2012. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you are a Peregrine investor and would like to discuss a potential lead plaintiff appointment, or your rights and interests with respect to the lawsuit, you may contact Michael I. Fistel, Jr., Esq., or Marshall P. Dees, Esq. via email at mfistel@holzerlaw.com, or mdees@holzerlaw.com, or via toll-free telephone at (888) 508-6832.

Holzer Holzer & Fistel, LLC is an Atlanta, Georgia law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. More information about the firm is available through its website, www.holzerlaw.com and upon request from the firm. Holzer Holzer & Fistel, LLC has paid for the dissemination of this promotional communication, and Michael I. Fistel, Jr. is the attorney responsible for its content.