NorthWest Biotherapeutics Inc (NWBO)

[biosectinvestor]

This is not a reference to a specific reporting requirement. Materiality happens in many legal contexts that are not related directly to the “materiality” in certain specific reporting requirements.

There are situations where a company only partially communicates certain trial data and hides other data that would be material to a complete understanding of facts. That can be fraud and it is often litigated. Yor reference is from a court case. So one needs more specific information about the specifics of that case, but it does not appear to be addressing the relevant question.

Trial data can of course be material and relevant in the right context and situation. But, these ideas are not general. I know you’re a litigator so litigators do not get too specific, they make broad claims and figure it out if they can keep the case going. It’s a completely different game for litigators.

A regulatory lawyer, looks both at the specifics and practice, how the agency tends to operate in a given circumstance.

There is no rule and it is not typical practice to only disclose clinical trial data in 4 days, if it is bad. That makes no sense anyway. If it’s good it is just as material, so bad or good, if you were right, it would need to be disclosed immediately. And that is clearly not the case. People making the claim that they know it can’t be bad because there was no 8K, is just an exercise in wishful thinking. And it’s not consistent and irrational ultimately. No information is no information. No information is not validation.