Replies to post #215296 on NorthWest Biotherapeutics Inc (NWBO)

[JRIII]

No, we have no insight other than the non-alarmist language they included in a couple of filings that basically said, "Oh, it was no big deal. They had a couple of minor concerns and we have taken steps to correct them. All is well."

But we've heard nothing from the SEC, and we've seen the company take several actions since that may or may not be directly related to the investigation, including the sale of Cognate, sale of Sawston, and the disentanglement of Toucan from everything. But the company never tells shareholders anything, so there's no way to know what the SEC is dictating, if anything. As long as the investigation remains open, there's a very real chance the SEC is going to come down hard with some serious sanctions, imo. Like most investigative agencies with subpoena power, the SEC is not known for conducting years-long investigations and then announcing, "Didn't find anything. All is well. Everybody get back to work. Thank you for your time." That's not how it works.

[longfellow95]

Nowt much to it, imo.

Though there is a third party dimension, which could be anything.

From Aug 10-Q

As previously reported, the Company has received a number of formal information requests (subpoenas) from the SEC regarding several broad topics that have been previously disclosed, including the Company’s membership on Nasdaq and delisting, related party matters, the Company’s programs, internal controls, the Company’s Special Litigation Committee, disclosures and the publication of interim clinical trial data. Testimony of certain officers and third parties has been taken as well. The Company has been cooperating with the SEC investigation. As hoped, the investigation is winding to a conclusion. After investigation of a broad array of issues over the past two-plus years, the SEC Staff has informed us preliminarily that they have concerns in regard to two issues, relating to the Company’s internal controls over financial reporting and the adequacy of certain disclosures made in the past. We have previously disclosed material weaknesses in our internal controls. As for disclosures, we believe our disclosures complied with applicable law. Despite our belief that the Staff should close the investigation, there can be no assurance that the Staff will not recommend some action involving the Company and/or individuals. Given the stage of the process, the Company is unable to provide a current assessment of the potential outcome or potential liability, if any.

https://www.sec.gov/Archives/edgar/data/1072379/000114420418044727/tv500777_10q.htm#a_012

They are holding their hands up to 'weaknesses in internal controls over financial reporting', they dispute their disclosures being 'inadequate', and everything else has been dropped.

That is my reading, fwiw.

So that was Aug, when NWBO said the investigation is 'winding to a conclusion'.

SEC are purposely dragging their heels, or things have moved on to investigating third parties.



Just my opinion..

[LessIsMore]

Anybody have any insight on the SEC investigation

Yes they are still under SEC investigation.

I suggest contacting the SEC's Division of Enforcement (like I did) if you have any questions. My curiosity stems from the "alleged" hostile takeover that was revealed at the ASM. This material event was never disclosed via an SEC filing and I'm hoping it'll be addressed with the CEO of NWBO.

GLTY

[sentiment_stocks]

The investigation began on December 13, 2016, while they were still dealing with multiple lawsuits. It is likely that those filing the lawsuits were coming up empty, and who subsequently opted to see if they could get the SEC to uncover something instead.

I wonder if these will be closed after the trial is unblinded? I do wonder if some of the items they are investigating have yet to be answered due to their likely very material nature. It would be nice to see them end, that is for certain.

On December 13, 2016, the Company received a formal information request from the SEC regarding several broad topics that have been previously disclosed, including the Company’s membership on Nasdaq and delisting, related party matters, and the Company’s special committee investigation. The period covered is January 1, 2013 to the present. The Company intends to cooperate fully.

https://www.sec.gov/Archives/edgar/data/1072379/000114420416141457/v455790_424b5.htm

[MI Dendream]

Cog Dis,

My understanding of government investigations is that you may be informed when one is opened, and you are certainly aware of the next step when the investigators believe that they have a finding that is actionable. However, if there are no actionable findings, then you are not informed of it being closed because in essence it can always be restarted immediately should they have reason to suspect a need for further investigation. My guess is that the case with NWBO is now held in that state of Limbo.

I freserve the right to change this belief should someone with more knowledge and experience has had a different outcome to share.