Who came forward to give their honest opinion of King&Co. They also know that "Management" got off on a technicality (not needing to verify a third party suppliers work). Near as we can tell this testimony was unprecedented in the world of public biotech and yet not a peep! -Not even by Feuerstein&Co. There's a good reason King and his IB buddies don't ever want to mention the entire Shareholder or CSM debacle suits on quarterly calls, and probably an equally good reason no journalist are writing about it.
Gues "Hit the ground running" is just a figure of speech.
"188. Confidential Witness No. 21 (“CW21”) was an employee of Peregrine
from August 2007 to July of 2011. CW21’s job duties included business
development for Peregrine and Avid. CW21 split his time equally between
Peregrine and Avid.
189. CW21’s duties for Peregrine were to find commercial business partners
who would help Peregrine share the cost of developing bavituximab as a commercial
drug. CW21 stated that he was unsuccessful in ever finding any other entity,
including Abbvie and numerous other “big players,” willing to partner with
Peregrine to develop bavituximab as a commercial drug."
"-Brings Two Decades of Hands-On Global Experience at Leading Firms to Business Development Team-
TUSTIN, Calif., July 26, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM), a clinical stage biopharmaceutical company developing monoclonal antibodies for the treatment of cancer and hepatitis C virus (HCV) infection, today announced the appointment of Mary J. Boyd, Ph.D. as head of business development for Asia and Europe. Dr. Boyd has more than 20 years of international pharmaceutical and biotechnology business development experience with large pharmaceutical companies including GlaxoSmithKline, Novartis and Roche. She will focus on identifying potential partners and negotiating agreements for Peregrine's extensive clinical and preclinical assets in Asian and European markets."
After all these years and watching it all unfold who here really doubts this insiders statement?
"134. While I worked there I never heard one word from management about what is owed
the shareholders in terms of giving them a return, of being honest, of getting a drug
to market, of having any obligation to the shareholders. They got the result they
wanted to have, not the truth.” "
And just recently and only when asked, King divulged that Avid had just one customer of consequence. That information should've been divulged long ago and noted in each quarterly report. It's vital to making proper investment decisions.
"Even assuming plaintiff’s conclusory allegations to be true, they do not state a claim for securities fraud. (See Order at 13 (“[F]ailure to verify the results of a scientific study is not securities fraud.”) At most, the allegations suggest that it was theoretically possible for Peregrine to have discovered CSM’s labeling error a bit sooner (though, in any event, not until sometime after the trial’s unblinding). But as before, plaintiff does not identify a single particularized fact—not one test result, document, email, or conversation—suggesting that any defendant was ever on notice of a possible discrepancy with the trial, let alone actually knew of CSM’s error, at the time the complained-of statements were made. "
This whole thread is a real stretch. The author of this thread apparently has an agenda on the short side. It is apparant that he has got some to respond thus keeping this topic active although meaningless. These boards are full of deception andmisinformation to influence potential buyers and holders. Well orchastrated and contrived to manipulate. Every co that has a very big short are attacked in various ways on these message boards. Most spouting, disguss, dismay, fraud, bad ceos, deception, and many more topics for the shorts.
The fact is that they don't want to cover the over 15 mil short, it is really that simple. The co had a good Q and beat the street. The shorts did not like that, so now what, get some attacks going. Co is over sold and over shored has a fast track going and a potiental partner in the works. They don't like that either.
Expect more of the same. This should be trading in the 3s but they have shorted over and over again to prevent that squeeze and will continue to do so untill the buhying demand steps up and forces thier hand in conjunction with the order to cover the short from the sec as times up and they get hit with the margin calls. It really is all that simple, not a big mystery.