Robbins Arroyo LLP: Northwest Biotherapeutics, Inc. (NWBO) Misled Shareholders According to a Recently Filed Class Action
December 21 2015 - 4:07PM
Business Wire
Shareholder rights law firm Robbins Arroyo LLP announces that a
class action complaint was filed in the U.S. District Court for the
District of Maryland. The complaint alleges that officers and
directors of Northwest Biotherapeutics, Inc. (NASDAQCM: NWBO)
violated the Securities Exchange Act of 1934 between March 8, 2013
and August 20, 2015, by making materially false and misleading
statements about Northwest Bio's business prospects. Northwest Bio
is a biotechnology company that discovers and develops
immunotherapy products to treat cancer in the United States and
internationally. It is involved in the development of DCVax, a
platform technology that uses activated dendritic cells to mobilize
a patient's own immune system to attack cancer.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/northwest-biotherapeutics-inc-dec-2015
Northwest Bio Accused of Issuing Misleading Statements About
its Clinical Trials
According to the complaint, Northwest Bio's products include
DCVax-L, a brain and ovarian cancer treatment undergoing a Phase
III trial in Germany, and DCVax-Direct, a treatment for inoperable
solid tumor cancers undergoing a Phase I/II clinical trial.
Northwest Bio allegedly touted patients' initial positive
responses in the DCVax-Direct trial prior to the trial concluding.
A Northwest Bio official stated, "We are excited to already begin
seeing some initial positive responses in such a substantial
percentage of DCVax-Direct patients." However, these statements
were misleading because they were based on preliminary and
unconfirmed trial results and in turn attempted to portray the
company in a positive light when there were no grounds to do
so.
On June 19, 2014, TheStreet.com reported that Dr. Aman Buzdar,
Vice President of clinical research at MD Anderson – one of the
hospitals conducting the DCVax-Direct Trial – issued a stern rebuke
to Northwest Bio for making promotional, unjustified claims about
results from the DCVax-Direct trial. Buzdar said that the hospitals
conducting the study have not reviewed or analyzed data at all
because patients are still being enrolled and treated. Buzdar
pointed out that the tumor regression could have been due to
necrosis caused by inflammation, not a real response to the drug.
Then, on July 7, 2014, SeekingAlpha.com published a reported
stating that Northwest Bio's authors have used fake identities and
credentials within healthcare or finance.
On August 21, 2015, the company admitted that its DCVax-L trial
was suspended while it submitted information from the trial for
regulatory review. On this news, Northwest Bio stock fell $1.92, or
2.16%, to close at $6.96 on August 21, 2015.
Northwest Bio Shareholders Have Legal Options
Concerned shareholders who would like more information about
their rights and potential remedies can contact attorney Darnell R.
Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the
shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
shareholder rights law. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits, and has helped its clients realize more than
$1 billion of value for themselves and the companies in which they
have invested.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: http://www.businesswire.com/news/home/20151221006192/en/
Robbins Arroyo LLPDarnell R. Donahue(619) 525-3990 or Toll Free
(800) 350-6003DDonahue@robbinsarroyo.comwww.robbinsarroyo.com
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