NorthWest Biotherapeutics Inc (NWBO)

[hyperopia]

The frivolous lawsuits were dismissed, but the SEC investigation did find (and NW Bio admitted) “material weakness relating to numerous areas of importance, including the review, supervision and monitoring of accounting operations throughout the organization.” (for 12 years!)

In the Matter of NORTHWEST BIOTHERAPEUTICS, INC. Respondent.
ORDER INSTITUTING CEASE-AND- DESIST PROCEEDINGS

https://www.sec.gov/litigation/admin/2019/34-87281.pdf


And as a side note: this settlement seems to be part of the reason behind the hire of Ms. Davis, since she was no longer able to consult with the company.

Respondent has undertaken to:
11. Retain, at its own expense, a qualified independent consultant (the “Consultant”) not unacceptable to the Commission staff, to review and evaluate Respondent’s ICFR and to provide recommendations for improvements as may be needed to complete its remediation plan and ensure compliance with ICFR requirements. This review and evaluation shall include an assessment of Respondent’s policies and procedures involving the approval and recording of current and historic transactions with related parties, policies and procedures regarding public disclosures, and corporate governance matters.

12. The Consultant should not have provided legal, auditing, or other services to, or have had any affiliations with, the Respondent, or any related party, during the two years prior to the issuance of this Order.