Case Page

 

Case Status:    DISMISSED    
On or around 04/12/2017 (Other)

Filing Date: August 26, 2015

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.

On March 31, 2017, the Court granted the Motion to Dismiss with leave to amend. Plaintiffs declined to file an amended complaint, and thus this case was closed.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: NWBO
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


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COURT: D. Maryland
DOCKET #: 15-CV-02532
JUDGE: Hon. George Jarrod Hazel
DATE FILED: 08/26/2015
CLASS PERIOD START: 03/08/2013
CLASS PERIOD END: 08/20/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen Milstein Sellers & Toll PLLC (Washington DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen Milstein Sellers & Toll PLLC (Washington DC), DC 20005
    202.408.4600 202.408.4600 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: D. Maryland
DOCKET #: 15-CV-02532
JUDGE: Hon. George Jarrod Hazel
DATE FILED: 02/12/2016
CLASS PERIOD START: 01/13/2014
CLASS PERIOD END: 08/21/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen Milstein Sellers & Toll PLLC (Washington DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen Milstein Sellers & Toll PLLC (Washington DC), DC 20005
    202.408.4600 202.408.4600 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date