According to the law firm press release, 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.
Plaintiffs filed an amended complaint on February 12, 2016.