Investigation Overview
August 25, 2015 (Shareholders Foundation) - An investigation on behalf of current long-term investors in shares of Northwest Biotherapeutics, Inc (NASDAQ:NWBO) shares was announced over potential breaches of fiduciary duties by certain officers and directors at Northwest Biotherapeutics.
The investigation by a law firm concerns whether certain Northwest Biotherapeutics officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
Northwest Biotherapeutics, Inc reported that its annual Total Revenue rose from $0.01 million in 2011 to $0.81 million in 2013. Shares of Northwest Biotherapeutics, Inc (NASDAQ:NWBO) grew from $3.21 per share in November 2013 to as high as $9.18 per share in March 2014, respectively $8.97 per share on June 18, 2014.
Then on June 19, 2014, an article was published that stated that 'The prestigious MD Anderson Cancer Center issued a stern rebuke to Northwest Biotherapeutics (NWBO) for making promotional, unjustified claims about results from an ongoing clinical trial of an experimental cancer vaccine known as DCVax-Direct.
On July 7, 2014, a report published stated that Northwest Biotherapeutics, Inc has been the subject of a massive promotional campaign which has seen the stock price soar. And, 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, shares of Northwest Biotherapeutics, Inc fell $0.52 per share to $6.62 in intraday trading on July 7, 2014.
On August 21, 2015, pre-market, news broke that Northwest Biotherapeutics, Incs Phase 3 DCVax-L brain cancer treatment clinical trial in Germany was temporarily halted. A reason is yet to be provided, and Northwest Biotherapeutics is yet to address the issue publicly. Shares of Northwest Biotherapeutics, Inc (NASDAQ:NWBO) declined to as low as $6.64 per share on August 24, 2015.