Peregrine Beats Shareholder Suit Over Lung Cancer Drug

Law360, Washington (August 26, 2013, 6:37 PM EDT) -- A California federal judge tossed a consolidated class action against Peregrine Pharmaceuticals Inc. on Friday, saying the investor plaintiffs didn't adequately allege that the drugmaker and its executives knowingly lied about its lung cancer drug, causing a nosedive of the company's stock price.

According to U.S. District Judge Philip S. Gutierrez, Peregrine and its top brass can't be held liable for securities fraud solely because they failed to verify clinical trial results for one of the company's signature products, bavituximab, an experimental drug for the treatment...
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