Peregrine Sued By Investors Over Cancer Drug Claims

By Stewart Bishop (October 30, 2012, 3:33 PM EDT) -- Investors hit Peregrine Pharmaceuticals Inc. with multiple securities class actions last month, alleging that the drugmaker's misleading statements about its lung cancer drug later resulted in a nosedive of the company's stock price.

According to three lawsuits brought in the Central District of California, Peregrine and its top brass violated federal securities laws by issuing materially false statements during the late summer and early fall about the effectiveness of one of its signature products, bavituxmab, which is an experimental drug for the treatment of nonsmall cell lung cancer.

The class actions, filed on Sept. 28, assert that Peregrine didn't reveal that...

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