I was also concerned the CA could be something of a wrench in the machine and could cause delays in progress. However, this is not an open ended problem. A timeline for resolution was recently stipulated as follows:

1. Defendants shall file their motion to dismiss or otherwise respond to the Second Amended Complaint no later than February 24, 2014;
2. Plaintiff shall file his opposition, if any, to defendants’ response no later than March 26, 2014;
3. Defendants shall file any reply no later than April 15, 2014;
4. The parties shall request a hearing on May 5 or May 19, 2014, or the next available mutually-convenient hearing date.

I am not a legal expert, but my reading of the pleadings suggests that this will be over as of the May hearing date. The Second Amended Complaint appears to be in flagrant defiance of the Judge's observations at the November 2013 hearing. It simply rehashes the material in the First Amended Complaint, which the Judge already ruled to be insufficient to establish a cause of action. As Bungler observed in earlier posts, "the second amended complaint has more value as birdcage liner than stating a cause of action." Further, he suggested that judicial sanctions are appropriate. One hopes that the Judge will share this sentiment upon being presented with what is essentially the same complaint that he already threw out twice.

A specific concern of mine was that the CA might serve as an impediment to financing on the theory that banks and/or partners might have reservations in the face of an unquantified potential liability, and that they might elect to wait for a final disposition before jumping in. However, this concern (if even valid in the first place) is now vitiated by the recent round of ATM and Series E financing. The company now has a war chest of funds that will easily propel it past the May hearing any other delays in the intervening time. All imo, of course. More qualified legal commentary is welcomed.

What's up with the $0.02 spread?

Looks like this might get fun today.

Under what rational strategy would one immediately flip a 10.5% preferred stock for a 1/2% loss? Puzzling.

Still no clue as to the distribution, though. In theory couldn't it be 200 retail holders with 1000 shares each (or less), and the remaining 500K (or more) shares to one other party?

Curious if anyone here was able to pick up any of the Series E shares.

I predict with absolute certainty that tomorrow the share price will either go up, go down, or stay the same. All imho, of course.

$1.71 and volume approaching a million shares as we near the close of the trading day. Take that, you scoffers. To the moon!

What's with the four decimal place trades? It the market really locked that tightly, or is there another ATM going on?

Another possibility is that the ATM and Series E combo were to defang the CA attorneys, who managed to buy themselves another six months of being a nuisance. I seem to be in the minority opinion here, but it seems plausible that an open lawsuit against the company could be an impediment to other forms of financing and/or partnerships. Now that the company has plenty of cash on hand, they can continue with the Phase III trial without loosing any momentum and ride out the B.S. CA lawyers until June, when the judge appears likely to dismiss the suit once and for all. All imho, of course.

For quite sometime now GSK has run a successful business model where they maintain a cGPM facility for their own products, and then sell the excess capacity for contract manufacturing. This allows for extreme flexibility as the company has two potential sources of revenue for the facility, and it can always convert the excess capacity back to company use as client contracts expire. King appears to be working from a similar playbook. Quite brilliant, IMO.

Shouldn't any potential dilution from the Series E shares already be priced in? In other words, we don't have to worry about running into a price wall at some future date.

$87-90 MM almost seems like too much cash for a company this size to have on hand under normal circumstances.(Any accountants care to weigh in on that observation?).

There must be some reason.

It would seem to me that the more time that passes, the closer one can get to a tangible value on damages, the lions share of which appear be lost revenue due to delays caused by CSM's negligence. CSM would be smart to settle now for some abstract sum rather than wait until the actual revenue per day for Bavi is demonstrated. All IMO.

Add some news and we are an 8.00 stock. All imo.


IMO, this is now more of a $3.00 stock than a $1.77

But if you post enough nonsense, TD Ameritrade might credit you in their news feed as the impetus for price movement.

Thanks Loofman!

It would be nice to see a prospectus for the Series E. Does anyone know what the terms were for Series A-D? Were they callable, what were the conversion rates, etc.?

Last week TD put a Unemon article on its news ticker. When the WSJ used to run the "dartboard" contest, the "pros" had a hard time staying ahead of the monkey, so there's really nothing in a name. They're all pretty much grasping at straws.

The ATM was likely priced in before the news was public. That's the way it usually seems to work. All imo, of course.

They cover a Unemon post, but not the ATM. TD Ameritrade does seem to have interesting news selection policies.

Maybe it was the last one. Coupled with the revenue from the preferred shares, one would hope there will be an announcement soon that there will be no more dilutive financing.

And with that much cash say hello to takeover attempts.

Less than the last March $1 calls, which sold @ $0.80, and more time value. Go figure!

That, Sir, is a reasoned response. The reason why I posted the news feed data and the link was because what people are saying is sometimes just as important as whether it is true.

You can also find it on Seeking Alpha, where this guy has a page. I won't post the link lest I risk violating the TOS...Just trying to assist in due diligence in tabling topics that seem germane to the discussion. Nothing else intended. Apologies if I offended anyone.

TD News Feed is the TD News Feed. The fact that it hits their ticker strikes me as pertinent solely because it did hit their news feed. Will it play out and have any merit at the end of the day? Who knows. But I am sincerely puzzled at the "Nothing to see here. Move along and don't under any circumstances even look." responses.

epcjmc - I think anything that appears on the news feed for a major brokerage is worth investigating. Everyone is free to draw their own conclusion, of course. But I am a little surprised at what appears to be a misplaced suggestion that I am spamming this board.

Gents - with all due respect, this is on the news feed for a major brokerage, therefore it is relevant and not spam.

Loofman...I would respectfully suggest that it is legit news based on the fact that it was referenced in the TD Ameritrade newsfeed. I'd post a screen shot but I don't know how.

It's there, Wook. Check the newsfeed, or there should be an indication next to your PPHM position that you can click on.

If this suit is as frivolous as has been suggested by some here, it would seem that PPHM's attorneys should demand judicial sanctions against plaintiff's council. It looks like plaintiff's council simply rehashed theories that have already been rejected by the judge.

I would agree that the Class Action has no merit. Amendments like "A chimeric antibody is named after a chimera, the Greek mythological fire-breathing female monster, with a lion’s head, a goat’s body, and a serpent’s tail." may be interesting footnotes, but don't appear to carry enough weight cure the defects in First Amended Complaint. To borrow from the legal vernacular, it looks like complete bull dung. (Again, that is merely a laypersons perspective.)

OTOH, financiers and partners presently in negotiation could want to see the lawsuit dismissed before inking deals going forward. And (among other reasons) if that theory holds any weight, prices at this level are a bargain.

The only event during this period of any significance was the amended answer for the CA, which from a laypersons perspective, appears to serve no purpose other than to keep a frivolous action open for as long as possible.

It looks like we can stick a fork in the CA. It appears that no amended complaint was filed. Can anyone comment on how long it should take for the Court to remove this from the docket?

Thanks for the insight. So bottom line is we don't find out with certainty until tomorrow morning (provided the public access system updates in real time.) Is it true, however, that failure to amend today will result in dismissing the case with prejudice?

Isn't the CA lawsuit actually already dismissed (w/o prejudice), but will become dismissed with prejudiced and bar any future litigation on this cause of action unless an amended complaint is filed by the end of today? (Incidentally, does anyone know the cutoff time for filing?)

I would suspect that Peregrines lawyers already know whether the plaintiff's lawyers intend to file an amended complaint. (But then again, some lawyers can be real <insert your choice of pejorative here>'s.) The question, imho, is how much, if any, the final disposition on the CA has already been priced into the stock, and how much remains to be priced in once the deadline actually expires.

$3.45

Not enough volume in the days after the CNBC plug to move the needle. The activity was not consistent with retail taking positions on the "news", so the trading immediately following the CNBC coverage is curious. My guess is that we have a significant pop next week, all imo, of course. Is there a bottle of Korn Licker for a correct guess at the PPS? ;)

Tuesday is newsday...imo, of course.