It is not just semantics.
The court already narrowed the case to roughly 40 million shares tied to the surviving transaction specific claims. The real assumption is the price impact. Even using a fairly generous $0.50 per share, which is a lot for a penny stock, that gets you to about $20 million in gross theoretical damages.
Settlements also usually do not come in at 100% of a theoretical damages model, and the federal securities claims are about actual damages, not punitive damages. If you apply a middle of the road settlement discount, say 25% to 40%, that puts the total settlement range around $5 million to $8 million before legal fees and expenses.
Then subtract roughly one third for attorney fees, and NWBO’s net is more like $3.3 million to $5.3 million before expenses. And that is not what remains, because Canaccord already paid a piece of it.
That is not nothing, but it is a long way from a billion dollars. More defendants may mean more checks, but it does not multiply the damages.
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