Avid Bioservices Inc (CDMO)

[biopharm]

Officially putting the Piper Jaffray dropping the ball in the same sort of class as Bristol Myers Squibb, because for a company such as Piper Jaffray to drop PPHM for whatever reason they call is not a smart move they impress on their clients and here is more reason. We've seen many of the reasons why I don't trust BMS and here are some why I don't trust Piper Jaffray now

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Piper Jaffray:

updated October 6, 2015

U.S. Bancorp Piper Jaffray was one of ten firms that settled in April of 2003 with the Securities Exchange Commission and other federal regulators. The landmark settlement, however, was not the first regulatory action taken against Piper Jaffray. It was preceded by a number of other fines for violations on the part of the firm.
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According to a January 2002 lawsuit that was filed in Montana, between 1997 and 2001 Thomas O’Neill, a former stockbroker for Piper Jaffray, performed over 5,000 unauthorized trades that cost 38 of Piper Jaffray’s customers a total of $2 million. The accounts O’Neill targeted were held predominantly by elderly citizens (the State Auditor’s office determined that the average age of the 38 clients was 62). The heavy trading, performed without the knowledge or consent of the clients, generated commission for O’Neill and banking fees for Piper Jaffray. The firm did not intervene despite warning signs that O’Neill’s trades were illegitimate. The lawsuit may cost Piper Jaffray up to $32 million - $30 million in fines and $2 million in client restitution. A hearing will take place in September of 2003.
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Piper Jaffray was fined by the NASD in June of 2002 for attempting to use its analyst research as leverage to gain a stock underwriting position. Scott Beardsley, a Managing Director of Piper Jaffray warned Antigenics Inc. on December 27, 2001, that Piper Jaffray would withhold its research on the company unless it was permitted to underwrite its secondary stock offerings. Piper Jaffray carried $250,000 of the fine and Scott Beardsley was charged $50,000.
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Piper Jaffray was specifically mentioned for having distributed “research reports that were not based on principles of fair dealing and good faith,”
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The firm did not hold its investment bankers and research analysts up to the standards explicated by the NYSE, NASD, and federal government.

http://www.lawyershop.com/practice-areas/criminal-law/white-collar-crimes/securities-fraud/lawsuits/piper-jaffray

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So here we sit, just think back of the multiple sabotage attempts against Peregrine and the biggest one hit Peregrines Phase IIb NSCLC trial handled and sabotaged by Clinical Supplies Management in Fargo, North Dakota with ex-BMS current CSM CEO Gerald Finken in cahoots with Jeanette Bleecker that admitted in depositions taken during the investigation that she swapped trial arms, SWAPPED trial arms.... that is sabotage!

Now I wonder what was in all the pages of depositions taken by Gerald Finken and others that were not made public information by the Judge handling the case and what does CSM do ? They settled ... and remember how many others settle (like Piper Jaffray) without admitting guilt lol

We know the truth and we all know the sabotage attempt place Peregrine back a few years dealy.

So know we have many elderly, holding PPHM ready to cash in and just like the above when Piper Jaffray took advantage of their elder clients.... I hope the same does not repeat itself here and before Peregrine makes a run towards FDA approvals, that something like Piper Jaffray dropping coverage is sort of an attempt to force some elderly clients or PPHM shareholders to sell shares.

Peregrine is in their best position ever, as I stole that from CP's past posts : ) but the bottom line is one must ignore all the noise of some trying to twist nothing into something and that is why I want to point out the past of BMS and Piper Jaffray.... because neither have good will for Peregrine, especially if Peregrine does not require the services of Piper Jaffray's.

How many small biotechs can you name that have 100% control of their IP, no debt, collaborations with MSK, AstraZeneca, damn amazing safety profile of their lead drug candidate Bavituximab and a damn amazing ability of it to synergize and help optimize the most robust optimal immune response -->with many others (chemo, Irradiation, immunotherapies..etc..etc). More importantly how many small biotechs out there can say no, no and again no to an exclusive deal with a Big Pharma such as Astra Zeneca and the ability to have enough leverage to allow AZ to pay for the full cost of their drug! How many other small biotechs can shy away from the services of Piper Jaffray... ???

and yes, I still say Piper Jaffray was pi$$ed enough to find a way to drop PPHM from their coverage. Hell.. just read the above, they had done it before:

Piper Jaffray would withhold its research on the company unless it was permitted to underwrite its secondary stock offerings.

I'll keep digging deeper to bring out and name anyone against Peregrine, including BMS and Piper Jaffray and ex-BMS Gerald Finken and CSM in Fargo ND and Dr. Howard Jack West and ex-BMS Robert Schwartz...etc..etc and all have played some role in pitting themselves against Peregrine in some way or form and that should be remembered by everyone when Peregrine reaches final FDA approval and how some tried to place road blocks along the way.

I now think 101Theory just may be onto something, because if correct with Ken Dart flying past BlackRock and now, with talk of 3 new Institutional Investors making their way into the top ten of PPHM shareholders, I would say they would be part of the reason that Piper Jaffray just dropped coverage! Who could they be is my question.... ???

Happy Holidays to all.... : )