Northwest Bio (NWBO) Stock: No BLA Date, And A Major Lawsuit

Northwest Bio (NWBO) Stock: No BLA Date, And A Major Lawsuit

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I see I’m the only one covering Northwest Biotherapeutics (OTCQB:NWBO) on Seeking Alpha these days. The last 10 articles are all mine. The last time someone else covered NWBO was 30 months ago. NWBO followers are an enthusiastic lot. I cover NWBO because I value the connection with them. However, enthusiasm cuts both ways. Enthusiasm can make you very knowledgeable about something, but it can also produce tunnel vision. If there was no such tunnel vision, we would realize that Northwest Bio, being a public company, has a duty to keep its investors informed about the company in a timely, clear and dialogical manner, like other companies with earnings calls. Northwest Bio has never had an earnings call in living memory.

“This frivolous lawsuit appears to be nothing more than an attempt by Northwest Biotherapeutics to deflect attention from its long history of governance and management failures, SEC charges for lapsed financial reporting, and lawsuits from its own shareholders,” A Citadel Securities spokesperson said. “We intend to pursue any and all legal action against Northwest Biotherapeutics for making these false and unsubstantiated allegations, which only undermine the integrity of our capital markets.”

“We have the hard data,” said Laura Posner, a partner with Cohen Milstein Sellers & Toll who represents Northwest. “It is difficult to dispute real transactions and patterns.”

The company said it found thousands of scam episodes involving tens of millions of “lure orders” over a five-year period, and was able to identify the market participants using trading data.

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