NorthWest Biotherapeutics Inc (NWBO)

[exwannabe]

As expected the reply focuses on 2 issues.

One is the argument that the effect of spoofing only lasts a few seconds, thus did not effect the price at close thus no loss (as NWBO sales were based on close). a main basis of this is Phumware were the MTD was granted on this basis. In that case though the plaintiffs were selling via a continual ATM so were able to refile with sales with seconds of the alleged spoof.

The other is the assertion that no individual event contains all the indications of possible spoofing. The issue here is that it is impossible to show spoofing just by this level of market data, therefore the courts have established guidelines to show what looks enough like possible spoofing to warrant a trial. In this case, defends argue no single event meets the criterion.

IMO, the first issue is much more serious. If the Court follows Phumware, then NWBO would have to show spoofing in the seconds prior to close on pricing dates, and the listed examples did not I do not see a decision in a few weeks.

There is also a request for oral arguments. .

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