NorthWest Biotherapeutics Inc (NWBO)

[The Danish Dude]

Choosing between you and Cohen and Milstein - having taken this lawsuit on contingency and with Laura Posner, star settlement attorney in fraud cases - I think I'd put my money on C&M, considering you have an obvious interest in neglecting slash ignoring the spoofing activities that still continues on a daily basis.

Let's sum up what Laura Posner stated regarding the case:

LP: I’m involved in a spoofing case we’ve brought on behalf of Northwest Biotherapeutics, a clinical stage biotech company developing lifesaving cancer vaccines, against a number of institutions, including Citadel, one of the world’s largest market makers.

The case is still in its early stages, but for context it’s a classic good guy vs. bad guy story.

Our client alleges that Citadel and the other defendants engaged in spoofing and manipulated the price of its shares, inducing other market participants to buy or sell at artificial prices. By repeatedly and brazenly manipulating the market through spoofing, Citadel and the other defendants directly impacted the price of Northwest Biotherapeutics’ shares, causing the company significant losses as it sold 49 million shares at artificially depressed prices.

Because of the defendants’ alleged spoofing, Northwest Bio, which has a proven, groundbreaking cancer vaccine awaiting FDA approval, has been unable to raise money at prices that should reflect its true value. Instead, its stock price has been gravely affected and the company has often struggled to survive, let alone bring its life extending drugs to market.

LD: Why is this case important?

LP: The facts that underpin the Northwest Biotherapeutics case are not limited to just one company or even one industry or one market. It’s much broader in scope and has a significant impact on market confidence more generally. It’s about markets not reflecting true supply and demand and what stock prices should be. It’s about high-frequency trading and algorithmic trading programs being used to manipulate markets in milliseconds.

LD: It sounds like this could be trailblazing case?

LP: Yes, high-frequency trading and algorithms are rapidly evolving and becoming more sophisticated, making manipulation easier, putting investors at greater risk and garnering the attention of law enforcement. Further, unlike most traditional securities class actions involving misstatements and omissions, these claims are brought under 10b-5(a) and (c), a relatively uncharted area of the law.

LD: Are you handling any other 10b-5(a) and (c) cases?

There is a great deal of research that confirms that when large, sophisticated institutional investors serve as lead plaintiffs in securities class actions, the results are significantly better.

LP: Yes. We are representing a now partially certified class of investors against Credit Suisse in Chahal v. Credit Suisse for knowingly defrauding investors and causing hundreds of millions in losses through a manipulation scheme involving the XIV Exchange Traded Note market.

Our complaint was originally dismissed. We appealed to the 2nd Circuit, which issued a precedential and important decision in 2021 about what is required to prove market manipulation and whether the manipulation has to be secret. This is an incredibly important and groundbreaking decision for the future of litigating market manipulation suits.