NEW YORK, Sept. 11, 2015 (GLOBE NEWSWIRE) -- 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 firstname.lastname@example.org 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 email@example.com