Shareholders Hit Peregrine Pharma Over Exec Compensation

Law360, Los Angeles (October 11, 2013, 9:34 PM EDT) -- Peregrine Pharmaceuticals Inc. shareholders filed a class action Friday in Delaware against the company’s board of directors and CEO alleging they gave themselves excessive compensation that included “spring-loaded” stock options granted days before favorable news about one of its signature cancer treatments.

The derivative shareholder lawsuit is the latest class action against the drug maker following the company’s failure to verify results in a phase two trial of bavituxmab, an experimental drug for the treatment of nonsmall cell lung cancer, that caused Peregrine’s stock price to...
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