SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders With Losses on Their Investment in Northwest Biotherapeutics, ...
September 21 2015 - 8:46PM
Pomerantz LLP announces that a class action lawsuit has been filed
against Northwest Biotherapeutics, Inc. (“Northwest
Biotherapeutics” or the “Company”) (NASDAQ:NWBO) and certain
of its officers. The class action, filed in United States District
Court, District of Maryland, Greenbelt Division, and docketed under
8:15-cv-02532, is on behalf of a class consisting of all persons or
entities who purchased Northwest Biotherapeutics securities between
March 8, 2013 and August 20, 2015 inclusive (the “Class
Period”). This class action seeks to recover damages against
Defendants for alleged violations of the federal securities laws
under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Northwest
Biotherapeutics securities during the Class Period, you have until
October 26, 2015 to ask the Court to appoint you as Lead Plaintiff
for the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact Robert S.
Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or
888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail
are encouraged to include their mailing address, telephone number,
and number of shares purchased.
Northwest Biotherapeutics, a development stage
biotechnology company, discovers and develops immunotherapy
products to treat cancers in the United States and
internationally.
The Company 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. The
Company’s products include DCVax-L, a brain and ovarian cancer
treatment currently undergoing a Phase III trial in Germany (the
“DCVax-L Trial”); DCVax-Direct, a treatment for various types of
inoperable solid tumor cancers currently undergoing Phase I/II
clinical trial (the “DCVax-Direct Trial”); and DCVax-Prostate, a
treatment for late-stage hormone-independent prostate cancer.
The Complaint alleges that throughout the Class
Period, Defendants made false and/or misleading statements, as well
as failed to disclose material adverse facts about the Company’s
business, operations, and prospects. Specifically, Defendants made
false and/or misleading statements and/or failed to disclose that:
(i) the Company’s claims regarding positive results from its
DCVax-Direct Trial were based on preliminary and unconfirmed trial
results; (ii) the DCVax-Direct Trial results on which the Company
reported had not been reviewed or analyzed by the hospitals
conducting the trials; (iii) the Company’s statements about
DCVax-Direct were derived from patient case report forms, which the
hospitals were obliged to send to the Company only because it
sponsored the study; (iv) the Company was the subject of an
aggressive stock promotion campaign which included promoters using
fictitious identities and false credentials; (v) German regulators
required additional information from the Company in order for the
Company’s DCVax-L Trial to continue uninterrupted; and (vi) as a
result of the above, the Company’s financial statements were
materially false and misleading at all relevant times.
On June 19, 2014, The Street.com reported that
MD Anderson had issued a stern rebuke to Northwest Bio for making
promotional, unjustified claims about results from the ongoing
clinical trial of DCVax-Direct.
On this news, Northwest Biotherapeutics
securities declined $1.79 per share, or almost 20%, on unusually
heavy trading volume, to close at $7.18 per share on June 19,
2014.
On July 7, 2014, a report published on
SeekingAlpha.com stated that “Northwest Bio has been the subject of
a massive promotional campaign which has seen the [Company’s] stock
price soar” and that “in some cases, authors have used fictitious
identities and fake credentials within healthcare or finance.
In fact, they are simply paid writers.”
On this news, Northwest Biotherapeutics
securities declined $0.43 per share, or more than 6%, to close at
$6.71 on July 7, 2014.
On August 21, 2015, pre-market, news broke that
the Company’s Phase 3 DCVax-L brain cancer treatment clinical trial
in Germany was temporarily suspended. Later on the same day,
the Company stated that new screening of patient candidates for the
trial had been temporarily suspended while the Company submitted
certain information from the trial for regulatory review.
On this news, Northwest Biotherapeutics
securities fell $1.92, or 2.16%, to close at $6.96 on August 21,
2015.
The Pomerantz Firm, with offices in New York,
Chicago, Florida, and Los Angeles, is acknowledged as one of the
premier firms in the areas of corporate, securities, and antitrust
class litigation. Founded by the late Abraham L. Pomerantz, known
as the dean of the class action bar, the Pomerantz Firm pioneered
the field of securities class actions. Today, more than 70 years
later, the Pomerantz Firm continues in the tradition he
established, fighting for the rights of the victims of securities
fraud, breaches of fiduciary duty, and corporate misconduct. The
Firm has recovered numerous multimillion-dollar damages awards on
behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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