Yes hits home!!!
“Hundreds of drug trials over many years failed to find new treatments until a small biotech called Northwest Biotherapeutics reported on May 10, 2022 that it’s immuno-therapy, DCVax-L, had positive trial results. This is the first meaningful advancement in extending the lives of those with newly diagnosed GBM in almost 20 years increasing mean overall survival (mOS) to 19.3 vs. 16.5 months for existing standard of care. For recurrent GBM (for it almost always returns after initial treatment) the results were even better increasing mOS from 21.3 months to 30.2 months. There was also a long tail of survivors including the second person ever treated with DCVax-L who has lived almost 20 years.
One would think that posting such good results would cause a rally in the stock price. Instead, on the day the results were announced the stock was decimated. The stock opened the day at $1.73 and even before the announcement of results the selling started and after the news was made public it traded as low as $0.3862. This was accompanied by an intense campaign to spread FUD about the results with a journalist, who is a known basher of the stock, releasing a report alleging the trial failed, a hedge fund manager live Tweeting the same, while their were attacks on social media, iHub and other investment websites.
Just under a year later the company struck back. On April 10, 2023, NWBO filed a lawsuit in the U.S. District Court for the Southern District of New York alleging that the market makers in the stock, Canaccord Genuity LLC, Citadel Securities LLC, G1 Execution Services LLC, GTS Securities LLC, Instinet LLC, Lime Trading Corp., Susquehanna International Group LLP, Virtu Americas LLC (collectively “Defendants”) deliberately engaged in repeated manipulative spoofing of NWBO’s stock from December 5, 2017 – August 1, 2022. It alleges that the defendants engaged in 2,849 acts of spoofing on 395 of 1171 trading days during this period. On May 10, 2022 the company alleges that there were 100 incidences of spoofing with Citadel Securities executing 24 such orders before the presentation of the results were even completed!”
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