Northwest Bio (NWBO) Stocks: No BLA Date and a Big Lawsuit

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I see I’m currently the only one covering Northwest Biotherapeutics (OTCQB:NWBO) on Seeking Alpha. The last 10 articles are all mine. The last time anyone else reported on NWBO was 30 months ago. NWBO supporters are an enthusiastic bunch. I report on NWBO because I appreciate the engagement with them. Enthusiasm, however, goes both ways. Enthusiasm can inform you very well about something, but it can also create tunnel vision. If it weren’t for such tunnel vision, we would recognize that as a public company, Northwest Bio has an obligation to provide timely, clear, and dialogical information about the company to its investors, just as other companies do with earnings calls. Northwest Bio has never received a profit call in living memory.

“This frivolous lawsuit appears to be nothing more than an attempt by Northwest Biotherapeutics to divert attention from its long history of governance and management failures, accusations by the SEC for financial reporting delays, and lawsuits by its own shareholders,” said a spokesman for Citadel Securities. “We intend to pursue all legal action against Northwest Biotherapeutics over these false and baseless allegations, which only undermine the integrity of our capital markets.”

“We have the hard data,” said Laura Posner, a partner at Cohen Milstein Sellers & Toll, who represents Northwest. “It’s hard to dispute actual transactions and patterns.”

The company said it found thousands of spoofing episodes containing tens of millions of “bait orders” over a five-year period and was able to identify market participants using trading data.