NorthWest Biotherapeutics Inc (NWBO)

[JerryCampbell]

Doc Logic, you're just guessing, and in this case guessing wrong.

A subpoena from the SEC is likely to be both broad and deep. They ask for everything; documents, meeting notes, email, phone logs, contacts, etc. Even if they already have the information, they'll get your version to cross check. Sometimes they are fishing for info. Sometimes they have a very specific target.

In the US, the first legal advice is to answer all SEC questions honestly and completely. The second advice is to not volunteer anything else unless already discussed with counsel.

UK regulation is quite different. The FCA approach is much more collaborative than punitive. When I was in London, I recall one co-worker having lunch with his (then FSA rather than FCA) regulator.