Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Northwest Biotherapeutics, Inc. To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Northwest Biotherapeutics, Inc. (“Northwest Biotherapeutics” or the “Company”) (NASDAQ:NWBO) of the October 26, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
A lawsuit has been filed in the United States District Court for the District of Maryland, Greenbelt Division, on behalf of a class consisting of all persons or entities who purchased Northwest Biotherapeutics securities between March 8, 2013 and August 20, 2015.
The complaint alleges that the Company and its executives violated federal securities laws by failing to disclose that: (1) the positive results from its DCVax-Direct Trial, a platform technology that uses activated dendritic cells to mobilize a patient’s own immune system to attack cancer, were based on preliminary trial results which had not been reviewed or analyzed by the hospitals conducting the trial; (2) the Company utilized an aggressive stock promotion campaign in 2014; (3) German medical authorities required additional information from the Company in order for the DCVax-L Trial to continue uninterrupted.
Specifically, on June 19, 2014, TheStreet.com reported that MD Anderson Cancer Center, the medical facility in charge of the DCVax-Direct clinical trial with direct funding from the Company, publicly rebuked the Company’s unjustified and promotional allegations about the clinical results of DCVax-Direct.
After the article was published, Northwest Biotherapeutics’ share price fell from a closing price of $ 8.97 per share on June 18, 2014 to a closing price of $7.18 per share on June 19—a drop of $1.79 or 20%.
Then, on July 7, 2014, an article published in Seekingalpha.com, accused the company of hiring “authors [who] have used fictitious identities and fake credentials within healthcare or finance” as part of a stock promotion scheme.
On this news, Northwest Biotherapeutics’ share price declined from a closing price of $7.14 per share on July 6, 2014 to a closing price of $6.71 per share on July 7—a drop of $ 0.43 or 6%.
Finally, during pre-market hours on August 21, 2015, the Company's Phase 3 DCVax-L brain cancer treatment clinical trial was announced to be temporarily halted by German medical regulators.
After the announcement, Northwest Biotherapeutics’ share price fell from a closing price of $8.88 per share on August 20, 2015 to a closing price of $6.96 per share on August 21—a drop of $1.92 or 21%.
If you invested in Northwest Biotherapeutics stock or options between March 8, 2013 and August 20, 2015 and would like to discuss your legal rights, please fill out the form below. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Northwest Biotherapeutics’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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