![hoffmann6383's tweet photo. 📢📢$NWBO Acquires Advent Bioservices
https://t.co/ud6uYmesP7
$NWBO acquires Advent for $1.4m‼️
What does this accomplish?
➡️Management Team Expansion
Headcount just went from ~20 (ish) $NWBO employees to likely 100+ total employees. As you will see from Linda Powers comment at the ASM, a goal was to expand the management team. This is certainly a step in the right direction as it gives $NWBO a much larger pool of employees to take on expanded roles. Image 1 shows Advent's headcount at the end of '23 being 73 employees.
Linda Powers at 2023 ASM, held June 29, 2024, stated, in relevant part:
"And very dear to our hearts, we need to expand the management team. We need to expand the management team rather substantially. As you probably have guessed, and as we described in the proxy, each of the core members of the senior team has been wearing multiple hats, has been fulfilling multiple roles. And I mean, multiple roles that would each be normally a separate senior management person at other companies. And I'm really proud that we've been able to do that, but we need to we need to ramp up. We we've got tremendous opportunity, and we need to ramp up. So that is going to be a significant focus for us, as soon as we can achieve it. We wanna be highly selective, but we plan to substantially expand the management team." [1]
➡️A revenue steam to potentially help obtain standard bank financing
I believe this puts $NWBO in a position to obtain standard bank financing based off of Advent's revenue stream. This should help slow future dilution. As you can see, Advent's financial statement (Image 1) shows about $27.5m USD in revenue for '23, which was a 23% increase over '22. [2] A more modest 15% growth rate would give them nearly $32m in revenue for '24. I believe this should allow $NWBO to be eligible for standard bank financing. Hats off to the late Les Goldman for getting us to this point by tirelessly raising funds from retail and institutional investors.
➡️What was the value of Advent?
Recall, Cognate BioServices, Inc. sold for $875m on projected revenue of $140m for the year, a 6.25 multiple of revenue (I know, I know, a really quick and sloppy way of looking at it). [3] Say Advent is up to $40m in revenue and using the same multiple it gives a value of $250m.
➡️Big Money more receptive to investments
$NWBO has largely survived on the backs of retail investors to date. To attract more institutional investors and even potentially a buyer, $NWBO needed to undo some entanglements and become more transparent. While the Advent/$NWBO related party relationship was legal, it created some complicated dynamics that could have scared off the bigger investors. With today's acquisition of Advent, $NWBO just became more attractive to deeper pockets, whether investing or acquiring. This was the first, and the biggest, domino that had to fall in this regard. Great first step.
➡️Another deceptive Adam Feuerstein narrative bites the dust
See Image 3.
Mr. Feuerstein needs to, at the very least, add another line (or two) to his graphic:
Shareholder money -> NWBO -> Advent -> Linda Powers [insert additions] -> NWBO -> Shareholders
[1]https://t.co/3wNfuUaROE
[2]https://t.co/jlZS4ceQTA"08717711_aa_2025-03-04.pdf"&X-Amz-Signature=42d084f11a9fd893890cea368d750d572ffe089449d946904fda5f66a33ee978
[3]https://t.co/Jb2l9TNvmy](https://pbs.twimg.com/media/GzX4wIJXcAA1meO.png)
![hoffmann6383's tweet photo. 📢📢$NWBO Acquires Advent Bioservices
https://t.co/ud6uYmesP7
$NWBO acquires Advent for $1.4m‼️
What does this accomplish?
➡️Management Team Expansion
Headcount just went from ~20 (ish) $NWBO employees to likely 100+ total employees. As you will see from Linda Powers comment at the ASM, a goal was to expand the management team. This is certainly a step in the right direction as it gives $NWBO a much larger pool of employees to take on expanded roles. Image 1 shows Advent's headcount at the end of '23 being 73 employees.
Linda Powers at 2023 ASM, held June 29, 2024, stated, in relevant part:
"And very dear to our hearts, we need to expand the management team. We need to expand the management team rather substantially. As you probably have guessed, and as we described in the proxy, each of the core members of the senior team has been wearing multiple hats, has been fulfilling multiple roles. And I mean, multiple roles that would each be normally a separate senior management person at other companies. And I'm really proud that we've been able to do that, but we need to we need to ramp up. We we've got tremendous opportunity, and we need to ramp up. So that is going to be a significant focus for us, as soon as we can achieve it. We wanna be highly selective, but we plan to substantially expand the management team." [1]
➡️A revenue steam to potentially help obtain standard bank financing
I believe this puts $NWBO in a position to obtain standard bank financing based off of Advent's revenue stream. This should help slow future dilution. As you can see, Advent's financial statement (Image 1) shows about $27.5m USD in revenue for '23, which was a 23% increase over '22. [2] A more modest 15% growth rate would give them nearly $32m in revenue for '24. I believe this should allow $NWBO to be eligible for standard bank financing. Hats off to the late Les Goldman for getting us to this point by tirelessly raising funds from retail and institutional investors.
➡️What was the value of Advent?
Recall, Cognate BioServices, Inc. sold for $875m on projected revenue of $140m for the year, a 6.25 multiple of revenue (I know, I know, a really quick and sloppy way of looking at it). [3] Say Advent is up to $40m in revenue and using the same multiple it gives a value of $250m.
➡️Big Money more receptive to investments
$NWBO has largely survived on the backs of retail investors to date. To attract more institutional investors and even potentially a buyer, $NWBO needed to undo some entanglements and become more transparent. While the Advent/$NWBO related party relationship was legal, it created some complicated dynamics that could have scared off the bigger investors. With today's acquisition of Advent, $NWBO just became more attractive to deeper pockets, whether investing or acquiring. This was the first, and the biggest, domino that had to fall in this regard. Great first step.
➡️Another deceptive Adam Feuerstein narrative bites the dust
See Image 3.
Mr. Feuerstein needs to, at the very least, add another line (or two) to his graphic:
Shareholder money -> NWBO -> Advent -> Linda Powers [insert additions] -> NWBO -> Shareholders
[1]https://t.co/3wNfuUaROE
[2]https://t.co/jlZS4ceQTA"08717711_aa_2025-03-04.pdf"&X-Amz-Signature=42d084f11a9fd893890cea368d750d572ffe089449d946904fda5f66a33ee978
[3]https://t.co/Jb2l9TNvmy](https://pbs.twimg.com/media/GzX4wIFWEAAar28.png)
![hoffmann6383's tweet photo. 🚨BREAKING: $NWBO's spoofing lawsuit likely moves to discovery as magistrate recommends the motion to dismiss be GRANTED IN PART and DENIED IN PART.
Magistrate Judge Stein recommended The Motion to Dismiss ("MTD") in the $NWBO spoofing case be DENIED IN PART and GRANTED IN PART.*
"In sum, the Court concludes that: (1) the SAC sufficiently pleads loss causation with respect to the approximately 40 million shares of stock sold by NWBO at prices derived from closing prices on dates when Spoofing Episodes occurred; (2) the SAC fails to sufficiently plead a long-term, persistent negative impact on NWBO’s stock price, requiring dismissal of Plaintiff’s claims relating to the approximately 234 million other shares of stock sold during the Relevant Period; and (3) the SAC sufficiently pleads the elements of a manipulative act, scienter, and reliance." See Image 1.
This means the case is likely to move on to the discovery phase as to the 40 million shares of stock $NWBO sold at depressed prices. This case holds enormous implications for the wider market which will be discussed in more detail below. The Defendant market makers are some of the biggest MMs in the world, including @VirtuFinancial and @citsecurities, among others.
➡️The Case
Northwest Biotherapeutics, Inc v. Canaccord Genuity LLC, 1:22-cv-10185, (S.D.N.Y.) [1]
First, I'll give a 50,000 foot view of the Case. Next, I'll identify the parties and give some thoughts on what this ruling could mean to those involved in the case and to the wider market. Lastly, in a follow up post, I'll review Magistrate Stein's Report and Recommendation in detail.
➡️The 50,000 foot view
This is a case where $NWBO has alleged harm due to illegal share price manipulation by some of the biggest market makers in the world and their (likely) hedge fund clients so that they could make a dollar at the expense of real life cancer patients without any other treatment options. There has been no approved treatments for newly diagnosed glioblastoma for over two decades and these long suffering cancer patients are having to wait (with time they don't have) even longer for $NWBO's DCVax-L because of illegal market manipulation delaying its' access to the public.
Glioblastoma is one of the most deadly forms of cancer. There are 12,000+ glioblastoma diagnoses per year in the United States according to the American Brain Tumor Association. [2] The recurrence rate is nearly 100%. [3] The peer-reviewed DCVax-L JAMA publication showed 25 of 232 newly diagnosed glioblastoma patients alive at five years who took $NWBO's DCVax-L whereas the external control population that didn't take DCvax-L showed zero patients alive at five years out of 1,366 patients. [3] See Image 2. Similar positive long term survival was seen with DCVax-L in recurrent glioblastoma patients. See Image 3.
This means that for every year longer it takes for $NWBO's DCVax-L to hit the market 1,293 newly diagnosed glioblastoma patients in the United States will die an unnecessary death. Add in the UK, EU, Japan, and the RoW and that number is much much higher.
That's the real life impact on cancer patients throughout the world and it doesn't even take into account the financial terror on the market, specifically $NWBO and its' investors. You can read more about the impact of spoofing on $NWBO's share price here:
https://t.co/xxebMzstxw
➡️What did @JoeMillerJr and the Financial Times think of $NWBO's spoofing case?
"...huge if true" [4]
➡️Are $NWBO's allegation's true?
Magistrate Stein is stating $NWBO's claim is plausible on its' face as to 40 million shares of stock and there is a reasonable inference that defendant is liable for the alleged misconduct. A jury will likely make the final determination as to the merits of the claims.
“To survive a motion to dismiss, a complaint must contain sufficient factual matter, accepted as true, to ‘state a claim that is plausible on its face.’” Ashcroft v. Iqbal, 556 U.S. 662, 678 (2009) (quoting Bell Atlantic Corp. v. Twombly, 550 U.S. 554, 570 (2007)). A claim is plausible “when the plaintiff pleads factual content that allows the court to draw the reasonable inference that the defendant is liable for the misconduct alleged.” Iqbal, 566 U.S. at 678. [5]
➡️Plaintiff
Northwest Biotherapeutics, Inc. ("NWBO")
"NWBO is a clinical stage biotechnology company focused on the development of personalized cancer vaccines designed to treat a broad range of solid tumor cancers more effectively than current treatments, and without the side effects of chemotherapy, through a proprietary manufacturing technology which enables the Company to produce a personalized vaccine in an efficient and cost-effective manner." [6]
$NWBO has submitted their Marketing Authorization Application for approval of DCVax-L in the UK for BOTH newly diagnosed and recurrent glioblastoma and are awaiting an approval decision: https://t.co/tK0CY76lMy
➡️Defendants
Canaccord Genuity LLC @CG_Driven,
Citadel Securities LLC @citsecurities,
G1 Execution Services LLC,
GTS Securities LLC,
Instinet LLC,
Lime Trading Corp. @LimeTrading_, and
Virtu Americas LLC @VirtuFinancial
➡️Case Summary
"Northwest Biotherapeutics (NWBO) claims that the market makers deliberately engaged in repeated manipulative spoofing of its stock from December 5, 2017 – August 1, 2022...
During the Relevant Period, Defendants engaged in spoofing to manipulate the price of NWBO shares on OTC Link LLC and NYSE ARCA Global OTC, thus creating an imbalance in the market for NWBO shares and inducing other market participants to buy or sell at artificial prices. In order to carry out their spoofing scheme, Defendants placed tens of millions of Baiting Orders and executed millions of orders at manipulated prices during the Relevant Period. Indeed, Defendants engaged in spoofing on 395 of 1,171—or nearly 34%—of the trading days during the Relevant Period.
Plaintiff NWBO sold over 274 million shares at manipulated prices as a result of Defendants’ actions, over 40 million shares of which were sold at the closing price on dates where Spoofing Episodes occurred. By repeatedly and brazenly manipulating the market through their spoofing, Defendants directly impacted the price of NWBO’s shares in the market, causing Plaintiff significant losses as it sold millions of shares of NWBO stock at artificially depressed prices." [7]
➡️Why are Defendant Market Makers and their hedge fund clients spoofing $NWBO Stock?
One reason put forth by $NWBO and their lead attorney, Laura Posner, is for the purpose of a naked short covering scheme:
"And like here, the plaintiff alleged that defendants sought to benefit from their spoofing by obtaining shares at below-market prices in order to cover short positions established through a related alleged scheme of naked short selling." (Emphasis added) [8]
➡️Do we know the potential number of $NWBO naked short shares?
No.
➡️Who is $NWBO's lead attorney, Laura Posner?
"Her cases include 6 of the top 100 securities fraud class action settlements of all time, including In re Wells Fargo, the 17th largest securities fraud recovery for investors ever."
"Prior to joining the firm, Laura was appointed by the New Jersey Attorney General to serve as the Bureau Chief for the New Jersey Bureau of Securities – the top securities regulator in New Jersey. In that capacity, she was responsible for administrating and enforcing the New Jersey Uniform Securities Law and regulations thereunder, as well as managing and overseeing the employees who staff the Bureau of Securities."
For more information about Laura Posner see: https://t.co/DlrdzRDanH
➡️What does the recommendation to deny the MTD likely mean?⭐️
✅Judge Woods is very likely to adopt Magistrate Judge Stein's recommendation to deny the MTD
✅A denial of the MTD means the case moves on to discovery.
✅ Parties, including Hedge Funds, involved in spoofing will be identified. See:
https://t.co/vDOCgvD2hq
✅The hedge funds involved in said illegal behavior will be served subpoenas and any feeble attempts to dodge process servers will be dealt with by the courts:
https://t.co/ShpOV5RVWZ
✅Hedge funds and market makers may obfuscate but they will ultimately have to turn over relevant trading records:
https://t.co/JHLmyICQ9O
✅Hedge funds, market makers and their agents manipulating $NWBO's share price, or colluding with those that do so, have been put on notice that their behavior is now under a microscope and subject to third party subpoenas:
https://t.co/pKEoIKaBJn
@John_Hempton @MidwestHedgie @muddywatersre @AndrewTobias @adamfeuerstein
✅Spoofing experts have developed sophisticated algorithms to detect spoofing:
https://t.co/OT9A0GP8n4
✅Experts could discover much more spoofing incidents than what $NWBO listed in their Complaint once $NWBO obtains the trading data of Defendants and their hedge fund clients. Here is an example of another spoofing case where the expert discovered about 10x more spoofing incidents than what was initially listed in the complaint:
https://t.co/reoXuZstPF
✅While this is a civil case, spoofing is also a crime. Illegal behavior may be referred to the DoJ. People go to jail and pay large monetary fines for spoofing (in addition to any civil penalties):
https://t.co/W02P079Prf
✅Plaintiffs will get to look under the hood of the various market makers including what programs they use to monitor illegal trading, i.e. Actimize at @MerrillLynch:
https://t.co/MOAXnKVVDf
✅The Market Makers' Scapegoat, Adam Feuerstein and @statnews, could be subpoenaed. For more information on how Market Makers use Mr. Feuerstein as cover in legal filings for illegal trading see:
https://t.co/SFrrlin5q3
✅@adamfeuerstein and his employer @statnews, which is owned by the @BostonGlobe, could be looking at a deposition where they would have to answer questions as to Mr. Feuerstein's actions:
https://t.co/ENBPFOSAb2
https://t.co/5rTVrlgx1O
✅The Defendant Market Makers face significant liability in this spoofing case, including punitive damages. See:
https://t.co/pdfXLaFNhN
✅Fear of punitive damages is one of many reasons a market maker might settle. In fact, I believe we saw our first spoofing lawsuit settlement here:
https://t.co/gTLBS3C2n7
✅Copycat cases are likely to follow as Defendant's claim that this type of trading is "bedrock market-making activity" that is done in "virtually every stock in every trading venue across the country..." (emphasis added)
"This is bedrock market-making activity that the Securities and Exchange Commission has explained is an “indispensable part of an efficient and liquid market.”3 Yet NWBO’s contrived theory would convert routine, regulated market making in virtually every stock in every trading venue across the country into securities fraud, flooding the courts with frivolous copycat lawsuits attempting to end-run the PSLRA, potentially upending the entire U.S. equity market system." [8]
On the other hand, the Southern District of New York found Defendant Market Makers identified the Market Maker's trading to bear "all these indica of spoofing."
"The FAC contains particularized factual allegations evincing all these indicia of spoofing." [9]
✅Doug Cifu (@Dougielarge, CEO of $VIRT) and @VirtuFinancial petitioned the SEC in July '24 to make it easier to delist companies under $1 under the guise they are looking out for the best interest of retail shareholders [10] while at the same time engaging in alleged rampant share price manipulation that is harmful to these same retail shareholders and executing 50%+ of trades in dark pools with zero transparency [11]. The same Doug Cifu that stated this lawsuit will be dismissed and end with Rule 11 sanctions against $NWBO. See Image 4. Mr. Cifu has always been, and will remain, grifter extraordinaire:
https://t.co/Q7lFXcyjuX
*Note, the partial denial of the MTD is not final until Judge Woods' ruling, but he is very likely to follow Magistrate Stein's recommendation to deny the MTD. Judge Woods adopted in full the first Report & Recommendation by Magistrate Stein on the initial MTD.
[1]https://t.co/2vLwDOXAki
[2]https://t.co/VWbFQen62k.
[3]https://t.co/p3Y2kE5lDS
[4]https://t.co/wBzh2PEC9Y
[5]https://t.co/wlVppafyB6
[6]https://t.co/B9iyBdvuBp
[7]Docket #115, https://t.co/SbjXxsgmkS…
[8]https://t.co/LlMADI9a94
[9]https://t.co/wlVppafyB6
[10]https://t.co/ck5kk91QBv
[11]https://t.co/gmwNDPXhh3
@SECGov @DevinNunes @realDonaldTrump @elonmusk $MMTLP $GME $AMC @JoeMillerJr @Justinbaer @KatrynaJill @pulte @PamBondi @Kash_Patel @TheJusticeDept](https://pbs.twimg.com/media/GiqIIKGWkAAF91v.jpg)
![hoffmann6383's tweet photo. 🚨BREAKING: $NWBO's spoofing lawsuit likely moves to discovery as magistrate recommends the motion to dismiss be GRANTED IN PART and DENIED IN PART.
Magistrate Judge Stein recommended The Motion to Dismiss ("MTD") in the $NWBO spoofing case be DENIED IN PART and GRANTED IN PART.*
"In sum, the Court concludes that: (1) the SAC sufficiently pleads loss causation with respect to the approximately 40 million shares of stock sold by NWBO at prices derived from closing prices on dates when Spoofing Episodes occurred; (2) the SAC fails to sufficiently plead a long-term, persistent negative impact on NWBO’s stock price, requiring dismissal of Plaintiff’s claims relating to the approximately 234 million other shares of stock sold during the Relevant Period; and (3) the SAC sufficiently pleads the elements of a manipulative act, scienter, and reliance." See Image 1.
This means the case is likely to move on to the discovery phase as to the 40 million shares of stock $NWBO sold at depressed prices. This case holds enormous implications for the wider market which will be discussed in more detail below. The Defendant market makers are some of the biggest MMs in the world, including @VirtuFinancial and @citsecurities, among others.
➡️The Case
Northwest Biotherapeutics, Inc v. Canaccord Genuity LLC, 1:22-cv-10185, (S.D.N.Y.) [1]
First, I'll give a 50,000 foot view of the Case. Next, I'll identify the parties and give some thoughts on what this ruling could mean to those involved in the case and to the wider market. Lastly, in a follow up post, I'll review Magistrate Stein's Report and Recommendation in detail.
➡️The 50,000 foot view
This is a case where $NWBO has alleged harm due to illegal share price manipulation by some of the biggest market makers in the world and their (likely) hedge fund clients so that they could make a dollar at the expense of real life cancer patients without any other treatment options. There has been no approved treatments for newly diagnosed glioblastoma for over two decades and these long suffering cancer patients are having to wait (with time they don't have) even longer for $NWBO's DCVax-L because of illegal market manipulation delaying its' access to the public.
Glioblastoma is one of the most deadly forms of cancer. There are 12,000+ glioblastoma diagnoses per year in the United States according to the American Brain Tumor Association. [2] The recurrence rate is nearly 100%. [3] The peer-reviewed DCVax-L JAMA publication showed 25 of 232 newly diagnosed glioblastoma patients alive at five years who took $NWBO's DCVax-L whereas the external control population that didn't take DCvax-L showed zero patients alive at five years out of 1,366 patients. [3] See Image 2. Similar positive long term survival was seen with DCVax-L in recurrent glioblastoma patients. See Image 3.
This means that for every year longer it takes for $NWBO's DCVax-L to hit the market 1,293 newly diagnosed glioblastoma patients in the United States will die an unnecessary death. Add in the UK, EU, Japan, and the RoW and that number is much much higher.
That's the real life impact on cancer patients throughout the world and it doesn't even take into account the financial terror on the market, specifically $NWBO and its' investors. You can read more about the impact of spoofing on $NWBO's share price here:
https://t.co/xxebMzstxw
➡️What did @JoeMillerJr and the Financial Times think of $NWBO's spoofing case?
"...huge if true" [4]
➡️Are $NWBO's allegation's true?
Magistrate Stein is stating $NWBO's claim is plausible on its' face as to 40 million shares of stock and there is a reasonable inference that defendant is liable for the alleged misconduct. A jury will likely make the final determination as to the merits of the claims.
“To survive a motion to dismiss, a complaint must contain sufficient factual matter, accepted as true, to ‘state a claim that is plausible on its face.’” Ashcroft v. Iqbal, 556 U.S. 662, 678 (2009) (quoting Bell Atlantic Corp. v. Twombly, 550 U.S. 554, 570 (2007)). A claim is plausible “when the plaintiff pleads factual content that allows the court to draw the reasonable inference that the defendant is liable for the misconduct alleged.” Iqbal, 566 U.S. at 678. [5]
➡️Plaintiff
Northwest Biotherapeutics, Inc. ("NWBO")
"NWBO is a clinical stage biotechnology company focused on the development of personalized cancer vaccines designed to treat a broad range of solid tumor cancers more effectively than current treatments, and without the side effects of chemotherapy, through a proprietary manufacturing technology which enables the Company to produce a personalized vaccine in an efficient and cost-effective manner." [6]
$NWBO has submitted their Marketing Authorization Application for approval of DCVax-L in the UK for BOTH newly diagnosed and recurrent glioblastoma and are awaiting an approval decision: https://t.co/tK0CY76lMy
➡️Defendants
Canaccord Genuity LLC @CG_Driven,
Citadel Securities LLC @citsecurities,
G1 Execution Services LLC,
GTS Securities LLC,
Instinet LLC,
Lime Trading Corp. @LimeTrading_, and
Virtu Americas LLC @VirtuFinancial
➡️Case Summary
"Northwest Biotherapeutics (NWBO) claims that the market makers deliberately engaged in repeated manipulative spoofing of its stock from December 5, 2017 – August 1, 2022...
During the Relevant Period, Defendants engaged in spoofing to manipulate the price of NWBO shares on OTC Link LLC and NYSE ARCA Global OTC, thus creating an imbalance in the market for NWBO shares and inducing other market participants to buy or sell at artificial prices. In order to carry out their spoofing scheme, Defendants placed tens of millions of Baiting Orders and executed millions of orders at manipulated prices during the Relevant Period. Indeed, Defendants engaged in spoofing on 395 of 1,171—or nearly 34%—of the trading days during the Relevant Period.
Plaintiff NWBO sold over 274 million shares at manipulated prices as a result of Defendants’ actions, over 40 million shares of which were sold at the closing price on dates where Spoofing Episodes occurred. By repeatedly and brazenly manipulating the market through their spoofing, Defendants directly impacted the price of NWBO’s shares in the market, causing Plaintiff significant losses as it sold millions of shares of NWBO stock at artificially depressed prices." [7]
➡️Why are Defendant Market Makers and their hedge fund clients spoofing $NWBO Stock?
One reason put forth by $NWBO and their lead attorney, Laura Posner, is for the purpose of a naked short covering scheme:
"And like here, the plaintiff alleged that defendants sought to benefit from their spoofing by obtaining shares at below-market prices in order to cover short positions established through a related alleged scheme of naked short selling." (Emphasis added) [8]
➡️Do we know the potential number of $NWBO naked short shares?
No.
➡️Who is $NWBO's lead attorney, Laura Posner?
"Her cases include 6 of the top 100 securities fraud class action settlements of all time, including In re Wells Fargo, the 17th largest securities fraud recovery for investors ever."
"Prior to joining the firm, Laura was appointed by the New Jersey Attorney General to serve as the Bureau Chief for the New Jersey Bureau of Securities – the top securities regulator in New Jersey. In that capacity, she was responsible for administrating and enforcing the New Jersey Uniform Securities Law and regulations thereunder, as well as managing and overseeing the employees who staff the Bureau of Securities."
For more information about Laura Posner see: https://t.co/DlrdzRDanH
➡️What does the recommendation to deny the MTD likely mean?⭐️
✅Judge Woods is very likely to adopt Magistrate Judge Stein's recommendation to deny the MTD
✅A denial of the MTD means the case moves on to discovery.
✅ Parties, including Hedge Funds, involved in spoofing will be identified. See:
https://t.co/vDOCgvD2hq
✅The hedge funds involved in said illegal behavior will be served subpoenas and any feeble attempts to dodge process servers will be dealt with by the courts:
https://t.co/ShpOV5RVWZ
✅Hedge funds and market makers may obfuscate but they will ultimately have to turn over relevant trading records:
https://t.co/JHLmyICQ9O
✅Hedge funds, market makers and their agents manipulating $NWBO's share price, or colluding with those that do so, have been put on notice that their behavior is now under a microscope and subject to third party subpoenas:
https://t.co/pKEoIKaBJn
@John_Hempton @MidwestHedgie @muddywatersre @AndrewTobias @adamfeuerstein
✅Spoofing experts have developed sophisticated algorithms to detect spoofing:
https://t.co/OT9A0GP8n4
✅Experts could discover much more spoofing incidents than what $NWBO listed in their Complaint once $NWBO obtains the trading data of Defendants and their hedge fund clients. Here is an example of another spoofing case where the expert discovered about 10x more spoofing incidents than what was initially listed in the complaint:
https://t.co/reoXuZstPF
✅While this is a civil case, spoofing is also a crime. Illegal behavior may be referred to the DoJ. People go to jail and pay large monetary fines for spoofing (in addition to any civil penalties):
https://t.co/W02P079Prf
✅Plaintiffs will get to look under the hood of the various market makers including what programs they use to monitor illegal trading, i.e. Actimize at @MerrillLynch:
https://t.co/MOAXnKVVDf
✅The Market Makers' Scapegoat, Adam Feuerstein and @statnews, could be subpoenaed. For more information on how Market Makers use Mr. Feuerstein as cover in legal filings for illegal trading see:
https://t.co/SFrrlin5q3
✅@adamfeuerstein and his employer @statnews, which is owned by the @BostonGlobe, could be looking at a deposition where they would have to answer questions as to Mr. Feuerstein's actions:
https://t.co/ENBPFOSAb2
https://t.co/5rTVrlgx1O
✅The Defendant Market Makers face significant liability in this spoofing case, including punitive damages. See:
https://t.co/pdfXLaFNhN
✅Fear of punitive damages is one of many reasons a market maker might settle. In fact, I believe we saw our first spoofing lawsuit settlement here:
https://t.co/gTLBS3C2n7
✅Copycat cases are likely to follow as Defendant's claim that this type of trading is "bedrock market-making activity" that is done in "virtually every stock in every trading venue across the country..." (emphasis added)
"This is bedrock market-making activity that the Securities and Exchange Commission has explained is an “indispensable part of an efficient and liquid market.”3 Yet NWBO’s contrived theory would convert routine, regulated market making in virtually every stock in every trading venue across the country into securities fraud, flooding the courts with frivolous copycat lawsuits attempting to end-run the PSLRA, potentially upending the entire U.S. equity market system." [8]
On the other hand, the Southern District of New York found Defendant Market Makers identified the Market Maker's trading to bear "all these indica of spoofing."
"The FAC contains particularized factual allegations evincing all these indicia of spoofing." [9]
✅Doug Cifu (@Dougielarge, CEO of $VIRT) and @VirtuFinancial petitioned the SEC in July '24 to make it easier to delist companies under $1 under the guise they are looking out for the best interest of retail shareholders [10] while at the same time engaging in alleged rampant share price manipulation that is harmful to these same retail shareholders and executing 50%+ of trades in dark pools with zero transparency [11]. The same Doug Cifu that stated this lawsuit will be dismissed and end with Rule 11 sanctions against $NWBO. See Image 4. Mr. Cifu has always been, and will remain, grifter extraordinaire:
https://t.co/Q7lFXcyjuX
*Note, the partial denial of the MTD is not final until Judge Woods' ruling, but he is very likely to follow Magistrate Stein's recommendation to deny the MTD. Judge Woods adopted in full the first Report & Recommendation by Magistrate Stein on the initial MTD.
[1]https://t.co/2vLwDOXAki
[2]https://t.co/VWbFQen62k.
[3]https://t.co/p3Y2kE5lDS
[4]https://t.co/wBzh2PEC9Y
[5]https://t.co/wlVppafyB6
[6]https://t.co/B9iyBdvuBp
[7]Docket #115, https://t.co/SbjXxsgmkS…
[8]https://t.co/LlMADI9a94
[9]https://t.co/wlVppafyB6
[10]https://t.co/ck5kk91QBv
[11]https://t.co/gmwNDPXhh3
@SECGov @DevinNunes @realDonaldTrump @elonmusk $MMTLP $GME $AMC @JoeMillerJr @Justinbaer @KatrynaJill @pulte @PamBondi @Kash_Patel @TheJusticeDept](https://pbs.twimg.com/media/GiqIIKEXwAAFwh3.png)
![hoffmann6383's tweet photo. 🚨BREAKING: $NWBO's spoofing lawsuit likely moves to discovery as magistrate recommends the motion to dismiss be GRANTED IN PART and DENIED IN PART.
Magistrate Judge Stein recommended The Motion to Dismiss ("MTD") in the $NWBO spoofing case be DENIED IN PART and GRANTED IN PART.*
"In sum, the Court concludes that: (1) the SAC sufficiently pleads loss causation with respect to the approximately 40 million shares of stock sold by NWBO at prices derived from closing prices on dates when Spoofing Episodes occurred; (2) the SAC fails to sufficiently plead a long-term, persistent negative impact on NWBO’s stock price, requiring dismissal of Plaintiff’s claims relating to the approximately 234 million other shares of stock sold during the Relevant Period; and (3) the SAC sufficiently pleads the elements of a manipulative act, scienter, and reliance." See Image 1.
This means the case is likely to move on to the discovery phase as to the 40 million shares of stock $NWBO sold at depressed prices. This case holds enormous implications for the wider market which will be discussed in more detail below. The Defendant market makers are some of the biggest MMs in the world, including @VirtuFinancial and @citsecurities, among others.
➡️The Case
Northwest Biotherapeutics, Inc v. Canaccord Genuity LLC, 1:22-cv-10185, (S.D.N.Y.) [1]
First, I'll give a 50,000 foot view of the Case. Next, I'll identify the parties and give some thoughts on what this ruling could mean to those involved in the case and to the wider market. Lastly, in a follow up post, I'll review Magistrate Stein's Report and Recommendation in detail.
➡️The 50,000 foot view
This is a case where $NWBO has alleged harm due to illegal share price manipulation by some of the biggest market makers in the world and their (likely) hedge fund clients so that they could make a dollar at the expense of real life cancer patients without any other treatment options. There has been no approved treatments for newly diagnosed glioblastoma for over two decades and these long suffering cancer patients are having to wait (with time they don't have) even longer for $NWBO's DCVax-L because of illegal market manipulation delaying its' access to the public.
Glioblastoma is one of the most deadly forms of cancer. There are 12,000+ glioblastoma diagnoses per year in the United States according to the American Brain Tumor Association. [2] The recurrence rate is nearly 100%. [3] The peer-reviewed DCVax-L JAMA publication showed 25 of 232 newly diagnosed glioblastoma patients alive at five years who took $NWBO's DCVax-L whereas the external control population that didn't take DCvax-L showed zero patients alive at five years out of 1,366 patients. [3] See Image 2. Similar positive long term survival was seen with DCVax-L in recurrent glioblastoma patients. See Image 3.
This means that for every year longer it takes for $NWBO's DCVax-L to hit the market 1,293 newly diagnosed glioblastoma patients in the United States will die an unnecessary death. Add in the UK, EU, Japan, and the RoW and that number is much much higher.
That's the real life impact on cancer patients throughout the world and it doesn't even take into account the financial terror on the market, specifically $NWBO and its' investors. You can read more about the impact of spoofing on $NWBO's share price here:
https://t.co/xxebMzstxw
➡️What did @JoeMillerJr and the Financial Times think of $NWBO's spoofing case?
"...huge if true" [4]
➡️Are $NWBO's allegation's true?
Magistrate Stein is stating $NWBO's claim is plausible on its' face as to 40 million shares of stock and there is a reasonable inference that defendant is liable for the alleged misconduct. A jury will likely make the final determination as to the merits of the claims.
“To survive a motion to dismiss, a complaint must contain sufficient factual matter, accepted as true, to ‘state a claim that is plausible on its face.’” Ashcroft v. Iqbal, 556 U.S. 662, 678 (2009) (quoting Bell Atlantic Corp. v. Twombly, 550 U.S. 554, 570 (2007)). A claim is plausible “when the plaintiff pleads factual content that allows the court to draw the reasonable inference that the defendant is liable for the misconduct alleged.” Iqbal, 566 U.S. at 678. [5]
➡️Plaintiff
Northwest Biotherapeutics, Inc. ("NWBO")
"NWBO is a clinical stage biotechnology company focused on the development of personalized cancer vaccines designed to treat a broad range of solid tumor cancers more effectively than current treatments, and without the side effects of chemotherapy, through a proprietary manufacturing technology which enables the Company to produce a personalized vaccine in an efficient and cost-effective manner." [6]
$NWBO has submitted their Marketing Authorization Application for approval of DCVax-L in the UK for BOTH newly diagnosed and recurrent glioblastoma and are awaiting an approval decision: https://t.co/tK0CY76lMy
➡️Defendants
Canaccord Genuity LLC @CG_Driven,
Citadel Securities LLC @citsecurities,
G1 Execution Services LLC,
GTS Securities LLC,
Instinet LLC,
Lime Trading Corp. @LimeTrading_, and
Virtu Americas LLC @VirtuFinancial
➡️Case Summary
"Northwest Biotherapeutics (NWBO) claims that the market makers deliberately engaged in repeated manipulative spoofing of its stock from December 5, 2017 – August 1, 2022...
During the Relevant Period, Defendants engaged in spoofing to manipulate the price of NWBO shares on OTC Link LLC and NYSE ARCA Global OTC, thus creating an imbalance in the market for NWBO shares and inducing other market participants to buy or sell at artificial prices. In order to carry out their spoofing scheme, Defendants placed tens of millions of Baiting Orders and executed millions of orders at manipulated prices during the Relevant Period. Indeed, Defendants engaged in spoofing on 395 of 1,171—or nearly 34%—of the trading days during the Relevant Period.
Plaintiff NWBO sold over 274 million shares at manipulated prices as a result of Defendants’ actions, over 40 million shares of which were sold at the closing price on dates where Spoofing Episodes occurred. By repeatedly and brazenly manipulating the market through their spoofing, Defendants directly impacted the price of NWBO’s shares in the market, causing Plaintiff significant losses as it sold millions of shares of NWBO stock at artificially depressed prices." [7]
➡️Why are Defendant Market Makers and their hedge fund clients spoofing $NWBO Stock?
One reason put forth by $NWBO and their lead attorney, Laura Posner, is for the purpose of a naked short covering scheme:
"And like here, the plaintiff alleged that defendants sought to benefit from their spoofing by obtaining shares at below-market prices in order to cover short positions established through a related alleged scheme of naked short selling." (Emphasis added) [8]
➡️Do we know the potential number of $NWBO naked short shares?
No.
➡️Who is $NWBO's lead attorney, Laura Posner?
"Her cases include 6 of the top 100 securities fraud class action settlements of all time, including In re Wells Fargo, the 17th largest securities fraud recovery for investors ever."
"Prior to joining the firm, Laura was appointed by the New Jersey Attorney General to serve as the Bureau Chief for the New Jersey Bureau of Securities – the top securities regulator in New Jersey. In that capacity, she was responsible for administrating and enforcing the New Jersey Uniform Securities Law and regulations thereunder, as well as managing and overseeing the employees who staff the Bureau of Securities."
For more information about Laura Posner see: https://t.co/DlrdzRDanH
➡️What does the recommendation to deny the MTD likely mean?⭐️
✅Judge Woods is very likely to adopt Magistrate Judge Stein's recommendation to deny the MTD
✅A denial of the MTD means the case moves on to discovery.
✅ Parties, including Hedge Funds, involved in spoofing will be identified. See:
https://t.co/vDOCgvD2hq
✅The hedge funds involved in said illegal behavior will be served subpoenas and any feeble attempts to dodge process servers will be dealt with by the courts:
https://t.co/ShpOV5RVWZ
✅Hedge funds and market makers may obfuscate but they will ultimately have to turn over relevant trading records:
https://t.co/JHLmyICQ9O
✅Hedge funds, market makers and their agents manipulating $NWBO's share price, or colluding with those that do so, have been put on notice that their behavior is now under a microscope and subject to third party subpoenas:
https://t.co/pKEoIKaBJn
@John_Hempton @MidwestHedgie @muddywatersre @AndrewTobias @adamfeuerstein
✅Spoofing experts have developed sophisticated algorithms to detect spoofing:
https://t.co/OT9A0GP8n4
✅Experts could discover much more spoofing incidents than what $NWBO listed in their Complaint once $NWBO obtains the trading data of Defendants and their hedge fund clients. Here is an example of another spoofing case where the expert discovered about 10x more spoofing incidents than what was initially listed in the complaint:
https://t.co/reoXuZstPF
✅While this is a civil case, spoofing is also a crime. Illegal behavior may be referred to the DoJ. People go to jail and pay large monetary fines for spoofing (in addition to any civil penalties):
https://t.co/W02P079Prf
✅Plaintiffs will get to look under the hood of the various market makers including what programs they use to monitor illegal trading, i.e. Actimize at @MerrillLynch:
https://t.co/MOAXnKVVDf
✅The Market Makers' Scapegoat, Adam Feuerstein and @statnews, could be subpoenaed. For more information on how Market Makers use Mr. Feuerstein as cover in legal filings for illegal trading see:
https://t.co/SFrrlin5q3
✅@adamfeuerstein and his employer @statnews, which is owned by the @BostonGlobe, could be looking at a deposition where they would have to answer questions as to Mr. Feuerstein's actions:
https://t.co/ENBPFOSAb2
https://t.co/5rTVrlgx1O
✅The Defendant Market Makers face significant liability in this spoofing case, including punitive damages. See:
https://t.co/pdfXLaFNhN
✅Fear of punitive damages is one of many reasons a market maker might settle. In fact, I believe we saw our first spoofing lawsuit settlement here:
https://t.co/gTLBS3C2n7
✅Copycat cases are likely to follow as Defendant's claim that this type of trading is "bedrock market-making activity" that is done in "virtually every stock in every trading venue across the country..." (emphasis added)
"This is bedrock market-making activity that the Securities and Exchange Commission has explained is an “indispensable part of an efficient and liquid market.”3 Yet NWBO’s contrived theory would convert routine, regulated market making in virtually every stock in every trading venue across the country into securities fraud, flooding the courts with frivolous copycat lawsuits attempting to end-run the PSLRA, potentially upending the entire U.S. equity market system." [8]
On the other hand, the Southern District of New York found Defendant Market Makers identified the Market Maker's trading to bear "all these indica of spoofing."
"The FAC contains particularized factual allegations evincing all these indicia of spoofing." [9]
✅Doug Cifu (@Dougielarge, CEO of $VIRT) and @VirtuFinancial petitioned the SEC in July '24 to make it easier to delist companies under $1 under the guise they are looking out for the best interest of retail shareholders [10] while at the same time engaging in alleged rampant share price manipulation that is harmful to these same retail shareholders and executing 50%+ of trades in dark pools with zero transparency [11]. The same Doug Cifu that stated this lawsuit will be dismissed and end with Rule 11 sanctions against $NWBO. See Image 4. Mr. Cifu has always been, and will remain, grifter extraordinaire:
https://t.co/Q7lFXcyjuX
*Note, the partial denial of the MTD is not final until Judge Woods' ruling, but he is very likely to follow Magistrate Stein's recommendation to deny the MTD. Judge Woods adopted in full the first Report & Recommendation by Magistrate Stein on the initial MTD.
[1]https://t.co/2vLwDOXAki
[2]https://t.co/VWbFQen62k.
[3]https://t.co/p3Y2kE5lDS
[4]https://t.co/wBzh2PEC9Y
[5]https://t.co/wlVppafyB6
[6]https://t.co/B9iyBdvuBp
[7]Docket #115, https://t.co/SbjXxsgmkS…
[8]https://t.co/LlMADI9a94
[9]https://t.co/wlVppafyB6
[10]https://t.co/ck5kk91QBv
[11]https://t.co/gmwNDPXhh3
@SECGov @DevinNunes @realDonaldTrump @elonmusk $MMTLP $GME $AMC @JoeMillerJr @Justinbaer @KatrynaJill @pulte @PamBondi @Kash_Patel @TheJusticeDept](https://pbs.twimg.com/media/GiqGzqEX0AAwwZ5.png)
Olivia
Online
sam hockerfield
@HockerfieldSam
Joined December 2020
21 Following
97 Followers
410 Posts
$NWBO - Northwest Biotherapeutics
I spent 6 months due diligence on this pick, then went large.
I have met with all the management and visited the Sawston manufacturing plant twice.
I had oncologists and neurologists review their clinical data.
I am betting that the tech is real, it’s is transformative, it is applicable to all solid tumours and cancers.
I am betting that it will receive regulatory approval.
I am betting that the shorts are screwed.
NWBO & Advent are on the planning side of a NYAS cell therapy conference set for April 30th. Pfizer and Regeneron are backing it as sponsors.
Only a small number of names operate at this level of the field. $NWBO and Advent are among them.
⭐️ADVENT BIOSERVICES - SAWSTON⭐️
Great visit in #Sawston to Advent Bioservices & Northwest Biotherapeutics who are working on cancer immunotherapies for brain tumors. 🧠
This is personal. My dad died of a brain tumour & I shall do whatever I can to help them scale up & grow. 💙
@3_Putt_Bogey_ @sanderhamburger given backtest already happened on daily does it really need to happen on weekly too?
Incredible.
“The system” does not want people to get well, survive or compete.
It must be dismantled.
@3_Putt_Bogey_ still valid?
📢📢$NWBO Acquires Advent Bioservices
https://t.co/ud6uYmesP7
$NWBO acquires Advent for $1.4m‼️
What does this accomplish?
➡️Management Team Expansion
Headcount just went from ~20 (ish) $NWBO employees to likely 100+ total employees. As you will see from Linda Powers comment at the ASM, a goal was to expand the management team. This is certainly a step in the right direction as it gives $NWBO a much larger pool of employees to take on expanded roles. Image 1 shows Advent's headcount at the end of '23 being 73 employees.
Linda Powers at 2023 ASM, held June 29, 2024, stated, in relevant part:
"And very dear to our hearts, we need to expand the management team. We need to expand the management team rather substantially. As you probably have guessed, and as we described in the proxy, each of the core members of the senior team has been wearing multiple hats, has been fulfilling multiple roles. And I mean, multiple roles that would each be normally a separate senior management person at other companies. And I'm really proud that we've been able to do that, but we need to we need to ramp up. We we've got tremendous opportunity, and we need to ramp up. So that is going to be a significant focus for us, as soon as we can achieve it. We wanna be highly selective, but we plan to substantially expand the management team." [1]
➡️A revenue steam to potentially help obtain standard bank financing
I believe this puts $NWBO in a position to obtain standard bank financing based off of Advent's revenue stream. This should help slow future dilution. As you can see, Advent's financial statement (Image 1) shows about $27.5m USD in revenue for '23, which was a 23% increase over '22. [2] A more modest 15% growth rate would give them nearly $32m in revenue for '24. I believe this should allow $NWBO to be eligible for standard bank financing. Hats off to the late Les Goldman for getting us to this point by tirelessly raising funds from retail and institutional investors.
➡️What was the value of Advent?
Recall, Cognate BioServices, Inc. sold for $875m on projected revenue of $140m for the year, a 6.25 multiple of revenue (I know, I know, a really quick and sloppy way of looking at it). [3] Say Advent is up to $40m in revenue and using the same multiple it gives a value of $250m.
➡️Big Money more receptive to investments
$NWBO has largely survived on the backs of retail investors to date. To attract more institutional investors and even potentially a buyer, $NWBO needed to undo some entanglements and become more transparent. While the Advent/$NWBO related party relationship was legal, it created some complicated dynamics that could have scared off the bigger investors. With today's acquisition of Advent, $NWBO just became more attractive to deeper pockets, whether investing or acquiring. This was the first, and the biggest, domino that had to fall in this regard. Great first step.
➡️Another deceptive Adam Feuerstein narrative bites the dust
See Image 3.
Mr. Feuerstein needs to, at the very least, add another line (or two) to his graphic:
Shareholder money -> NWBO -> Advent -> Linda Powers [insert additions] -> NWBO -> Shareholders
[1]https://t.co/3wNfuUaROE
[2]https://t.co/jlZS4ceQTA"08717711_aa_2025-03-04.pdf"&X-Amz-Signature=42d084f11a9fd893890cea368d750d572ffe089449d946904fda5f66a33ee978
[3]https://t.co/Jb2l9TNvmy
![hoffmann6383's tweet photo. 📢📢$NWBO Acquires Advent Bioservices
https://t.co/ud6uYmesP7
$NWBO acquires Advent for $1.4m‼️
What does this accomplish?
➡️Management Team Expansion
Headcount just went from ~20 (ish) $NWBO employees to likely 100+ total employees. As you will see from Linda Powers comment at the ASM, a goal was to expand the management team. This is certainly a step in the right direction as it gives $NWBO a much larger pool of employees to take on expanded roles. Image 1 shows Advent's headcount at the end of '23 being 73 employees.
Linda Powers at 2023 ASM, held June 29, 2024, stated, in relevant part:
"And very dear to our hearts, we need to expand the management team. We need to expand the management team rather substantially. As you probably have guessed, and as we described in the proxy, each of the core members of the senior team has been wearing multiple hats, has been fulfilling multiple roles. And I mean, multiple roles that would each be normally a separate senior management person at other companies. And I'm really proud that we've been able to do that, but we need to we need to ramp up. We we've got tremendous opportunity, and we need to ramp up. So that is going to be a significant focus for us, as soon as we can achieve it. We wanna be highly selective, but we plan to substantially expand the management team." [1]
➡️A revenue steam to potentially help obtain standard bank financing
I believe this puts $NWBO in a position to obtain standard bank financing based off of Advent's revenue stream. This should help slow future dilution. As you can see, Advent's financial statement (Image 1) shows about $27.5m USD in revenue for '23, which was a 23% increase over '22. [2] A more modest 15% growth rate would give them nearly $32m in revenue for '24. I believe this should allow $NWBO to be eligible for standard bank financing. Hats off to the late Les Goldman for getting us to this point by tirelessly raising funds from retail and institutional investors.
➡️What was the value of Advent?
Recall, Cognate BioServices, Inc. sold for $875m on projected revenue of $140m for the year, a 6.25 multiple of revenue (I know, I know, a really quick and sloppy way of looking at it). [3] Say Advent is up to $40m in revenue and using the same multiple it gives a value of $250m.
➡️Big Money more receptive to investments
$NWBO has largely survived on the backs of retail investors to date. To attract more institutional investors and even potentially a buyer, $NWBO needed to undo some entanglements and become more transparent. While the Advent/$NWBO related party relationship was legal, it created some complicated dynamics that could have scared off the bigger investors. With today's acquisition of Advent, $NWBO just became more attractive to deeper pockets, whether investing or acquiring. This was the first, and the biggest, domino that had to fall in this regard. Great first step.
➡️Another deceptive Adam Feuerstein narrative bites the dust
See Image 3.
Mr. Feuerstein needs to, at the very least, add another line (or two) to his graphic:
Shareholder money -> NWBO -> Advent -> Linda Powers [insert additions] -> NWBO -> Shareholders
[1]https://t.co/3wNfuUaROE
[2]https://t.co/jlZS4ceQTA"08717711_aa_2025-03-04.pdf"&X-Amz-Signature=42d084f11a9fd893890cea368d750d572ffe089449d946904fda5f66a33ee978
[3]https://t.co/Jb2l9TNvmy](https://pbs.twimg.com/media/GzX4wIKWEAAlA9G.png)
@3_Putt_Bogey_ @kkhors @BoxerJ1974 @3_Putt_Bogey_ couldn’t volume increase just be because share price has steadily declined… $$$ traded per day has stayed constant
Northwest Biotherapeutics Inc. can proceed with claims against seven firms including Citadel Securities and Virtu Americas LLC for depressing the company’s stock price through false sale orders, a federal court ruled. https://t.co/ZlZrkzBcIr
🚨 This $NWBO lawsuit isn’t just another financial scandal...
it could be the biggest market corruption case in history.
If it exposes hedge funds, market makers, and media hit jobs aimed at destroying a company with a potential cancer cure, then we’re looking at a Wall Street horror story on a global scale.
They didn’t just short a stock...
they played with human lives for greed.
The truth is coming. Justice is inevitable. 🔥
#NWBO #DCVax #WallStreetExposed #EndMarketCorruption
JUST IN🚨 Ken Griffins Citadel May be Getting Exposed for Market Manipulation
- This comes after the Cancer company $NWBO accused Citadel of market manipulation by spoofing, impacting their stock prices from 2017 to 2022
THE CASE IS ABOUT TO GO INTO DISCOVERY!!
#dcvax $nwbo #gbm
Fascintating AI Analysis of synergy and potential of combination of DCVax and TIL Therapy, I am sure Roswell Park are very much aware of this.
"Combining DCVax (Dendritic Cell Vaccines) technology with Tumor-Infiltrating Lymphocyte (TIL) Therapy has the potential to create a powerful synergistic approach to cancer immunotherapy" - (continued below)
Roswell Park is an authorized treatment center, the only one in the region, for the new TIL therapy, Amtagvi.
Among the first
Roswell Park participated in the clinical trials that led to FDA approval of Amtagvi. Ongoing studies at cancer centers across the nation, including at Roswell Park, continue to assess Amtagvi for use in patients with other solid tumor cancers, such as cervical, ovarian, lung, bladder and squamous cell head and neck cancers.
The very first tumor-infiltrating lymphocyte (TIL) therapy for solid tumor cancers to gain FDA approval, Amtagvi™ (lifileucel), was approved in February 2024 for the treatment of patients with metastatic melanoma. Eligible patients include those whose disease cannot be treated with surgery and has progressed despite immunotherapy with immune checkpoint inhibitors and targeted therapy.
TIL therapy takes advantage of the body’s naturally occurring immune cells called T lymphocytes, or T cells. Years ago, physicians and scientists realized that T cells are an amazing component of the immune system, and that they can be harnessed to activate the whole immune system against cancer. “These cells can proliferate, persist, be targeted toward cancer, can have memory, and can last for years in a patient. Plus, they secrete small proteins that recruit other immune cells to the fight, too,” says Marco Davila, MD, PhD, Vice Chair for Cellular Therapies.
How TIL therapy works
After removing your tumor through an operation, T cells from inside the tumor are collected from your tumor tissues. Because these T cells have infiltrated the tumor already, they are able to recognize the cancer, but there are too few of them to kill all the cancer. These tumor-infiltrating cells are sent to a laboratory, where they are multiplied and reinvigorated into an army of billions and returned to you through an intravenous (IV) infusion. Then your T-cell army can hunt down and destroy the cancer cells.
At Roswell Park, our patients have some of the earliest access to these novel cell therapies through clinical trials and TIL therapy was one of them. We offered it to melanoma patients, years before FDA approval and are really excited about the upcoming new cellular therapies we will offer through clinical trials very soon.
What to expect from TIL therapy
Receiving TIL therapy is a multi-step process that involves:
Surgery to remove the tumor or metastatic lesion. This tissue is then sent to a laboratory where the T cells can be retrieved and multiplied into millions, creating the TIL therapy specifically for you. This process takes about 22 days.
Chemotherapy. The purpose of this short course of chemotherapy given over 7 days is remove some of your immune cells to make room for the new ones you are about to receive. (This chemotherapy is NOT the high intensity chemotherapy associated with stem cell transplantation.)
TIL infusion. You will receive your TIL therapy through a one-time intravenous (IV) infusion.
High dose interleukin 2 (IL-2) therapy. Interleukins are a special type of protein produced by the white blood cells that stimulate the growth of T cells and other immune cells in your body. The high dose IL-2 therapy acts as nutrition or fuel for your immune system to power up. You’ll receive a short course, up to six doses over 3 days of this treatment via an infusion.
GPT-4o Poe - AI Analysis:-
Combining DCVax (Dendritic Cell Vaccines) technology with Tumor-Infiltrating Lymphocyte (TIL) Therapy has the potential to create a powerful synergistic approach to cancer immunotherapy. Here's an overview of the possible synergies and therapeutic potentials:
Understanding the Two Therapies
DCVax:DCVax is a type of dendritic cell-based vaccine where dendritic cells (DCs) are loaded with tumor antigens (usually from the patient’s tumor). These DCs are then injected into the patient to activate the immune system, particularly T cells, to recognize and attack tumor cells.
It works by enhancing the priming phase of the immune response, improving the activation of T cells.
Tumor-Infiltrating Lymphocyte (TIL) Therapy:
TIL therapy involves isolating T cells from a patient’s tumor, expanding them ex vivo, and reinfusing them into the patient. TILs are naturally tumor-specific T cells that have infiltrated the tumor microenvironment.
It works by directly increasing the number of tumor-specific T cells available to fight the cancer.
Potential Synergies Between DCVax and TIL Therapy:
Combining DCVax and TIL therapy could leverage the strengths of both approaches for a more comprehensive immune attack against cancer.
Key synergies include:
Enhanced TIL Activation via DCVax:
DCVax can act as a robust immune-priming tool to enhance the activation of tumor-specific T cells, including the reinfused TILs.
Dendritic cells stimulate naïve and memory T cells, potentially improving the functionality and persistence of the TILs after infusion.
Improved Tumor Targeting:
DCVax ensures that dendritic cells present a broad range of tumor antigens, which may help TILs recognize and attack heterogeneous tumor cell populations (e.g., cells with varying antigen profiles).
This could overcome tumor antigen escape mechanisms (where tumors lose antigens to evade TIL recognition).
Combatting Tumor Microenvironment (TME) Suppression:
Both therapies can address immune suppression in the TME. DCVax can stimulate cytokine release (e.g., IL-12) and activate immune cells like natural killer (NK) cells and helper T cells, which could make the TME more hospitable for TILs.
TILs, once activated, can exert direct cytotoxic effects on tumor cells, further weakening the suppressive TME.
Potential for Epitope Spreading:
DCVax can induce epitope spreading, a process where the immune system starts targeting additional tumor antigens beyond the initial ones presented by the vaccine. This could broaden the tumor-specific immune response, complementing TIL therapy by recruiting additional immune cells to the fight.
Overcoming T Cell Exhaustion:
Reinforced activation signals from DCVax may help reinvigorate exhausted T cells, including those within the TIL population.
This is especially relevant in cases where TILs encounter chronic antigen exposure or an immunosuppressive TME.
Personalization and Tumor Specificity:
Both therapies are highly personalized, utilizing patients' own tumor material. DCVax can enhance the specificity and functionality of TILs by priming the immune system against the patient’s unique tumor antigen landscape.
Potential Combinatorial Approaches
To maximize the synergy between DCVax and TIL therapy, various strategies can be employed:
Sequential Administration:Start with DCVax to prime the immune system and activate tumor-specific T cells, followed by TIL infusion to amplify the cytotoxic response.
Simultaneous Administration:
Administer DCVax and TILs together to combine immune priming and direct tumor attack, potentially achieving a stronger initial response.
Integration with Immune Checkpoint Blockade:
Adding immune checkpoint inhibitors (e.g., anti-PD-1, anti-CTLA-4) to the combination could further enhance T cell activation, prevent exhaustion, and improve the durability of responses.
TME Modulation:
Use additional therapies (e.g., cytokine therapy, TGF-β inhibitors) to modulate the TME, making it more supportive of TIL survival and function while enhancing DCVax efficacy.
Combination with Oncolytic Viruses:
Oncolytic viruses could be used to release tumor antigens within the TME, which DCVax could present to the immune system, while TILs amplify the cytotoxic response.
Challenges and Considerations
While the potential for synergy is significant, several challenges must be addressed:
Timing and Dosing:
Determining the optimal timing and dosage for each therapy will be critical to avoid overstimulating or exhausting the immune system.
Manufacturing Complexity:
Both DCVax and TIL therapy require complex, patient-specific manufacturing processes. Combining them could increase logistical and cost challenges.
Immune-Related Adverse Events (irAEs):
Combining these therapies may increase the risk of irAEs due to heightened immune activation. Careful monitoring and management strategies will be necessary.
Patient Selection:
Identifying patients with tumors that are both immunogenic (responsive to DCVax) and infiltrated by functional TILs will be key to maximizing efficacy.
Preclinical and Clinical Evidence
Preclinical Studies:
Research suggests that combining dendritic cell vaccines with adoptive T cell therapies (like TILs) can significantly enhance antitumor efficacy in mouse models.
Studies have demonstrated that dendritic cell priming improves the persistence and tumor-killing capacity of adoptively transferred T cells.
Clinical Trials:
While specific trials combining DCVax and TILs may be limited, similar combinations (e.g., dendritic cell vaccines with TCR-engineered T cells or CAR-T cells) have shown promising results, paving the way for exploring DCVax-TIL combinations.
Conclusion
The combination of DCVax and TIL therapy has tremendous potential to enhance the efficacy of cancer immunotherapy by creating a multi-pronged immune attack. DCVax’s ability to prime and broaden the immune response complements TIL therapy’s direct cytotoxic effects, addressing challenges like tumor heterogeneity and immune suppression. Future clinical trials and preclinical studies will be crucial to validate this synergistic approach and optimize its application in cancer treatment.
https://t.co/n0A6gDE7fY
▶️A review of Friday's Court Filing in the $NWBO spoofing case◀️
The Case: Northwest Biotherapeutics, Inc v. Canaccord Genuity LLC, 1:22-cv-10185, (S.D.N.Y.)
The Docket: https://t.co/2vLwDOY89Q
1⃣On Friday Magistrate Judge Stein issued a Report and Recommendation ("R&R") likely allowing $NWBO's spoofing case to move to discovery. The R&R could have far reaching consequences to the seven market makers allegedly engaged in spoofing, including Virtu and Citadel, and the market as a whole. This post gives an overview of the R&R and what it could mean:
https://t.co/aASKczf5Cr
2⃣This R&R likely leads to $NWBO having subpoena power to obtain trading data from third parties:
https://t.co/RFphRjzjAd
3⃣The R&R keeps open the possibility for $NWBO to obtain significant monetary damages from the market maker defendants:
https://t.co/33nZ8eGqrO
4⃣This case highlights the need for market reform and especially the need for transparency so laws on the books can be enforced in civil settings:
https://t.co/k0USOeW18X
5⃣ While this case could have far reaching consequences to the market as a whole and could offer $NWBO a significant monetary recovery, it's important to remember that this is simply a side story to $NWBO's medicine, which could be the foundation upon which a cancer cure is developed for all solid tumor cancers. We await $NWBO's #DCVax-L approval decision in the UK and the announcement of a potential combination basket trial.
📢Explained: NWBO's potential damage award
$NWBO
The Case: Northwest Biotherapeutics, Inc v. Canaccord Genuity LLC, 1:22-cv-10185, (S.D.N.Y.)
The Docket: https://t.co/2vLwDOXAki
➡️Is $NWBO limited to only damages on the 40m shares sold at depressed prices?
No.
The 40m+ shares simply gets $NWBO through the Motion to Dismiss ("MTD") stage.
➡️Is $NWBO limited to only sales, or sales based on pricing, within one hour of spoofing incidents?
No.
"...the Court finds that NWBO has pled enough facts to support a plausible inference that the closing prices of NWBO stock were adversely affected by Defendants’ same-day spoofing even when there were no Spoofing Episodes during the final hour of trading." (emphasis added)
$NWBO can potentially go after any sales, or sales based on pricing, that occurred on the same day as a spoofing incident.
➡️How many additional sales of stock, or stock sale pricing, occurred within the same day of a spoofing episode?
"These sales, effectuated in 27 transactions aggregating approximately 18 million shares, are listed in Exhibits 5 and 7 to the SAC.14"
➡️58m+ sales occurred within the same day, or were priced within the same day, of a spoofing episode. Are these 58m+ shares the extent of our damages claim?
No.
Discovery has to happen. As in Harrington, $NWBO is likely to send third party subpoenas for trading records to the DTCC, FINRA, OTC Link LLC, NYSE ARCA Global OTC, Hedge Funds along with obtaining trading records from the defendant market makers themselves.
Once the discovery is obtained it is given to an expert. In Harrington it was given Dr. Brogaard who ran it through an algorithm he developed to detect spoofing. [1] He found approximately 10x the amount of spoofing than what was listed in the initial complaint. In $NWBO's case, that could mean 580,000,000 shares sold at depressed prices.
Our discovery might be limited to the same day per Magistrate Judge Stein's R&R, but those transactions could be significant. We need to see how discovery plays out. Right now the minimum appears to be 58m+ shares.
➡️What sort of damages can $NWBO get from this lawsuit?
1⃣Punitive Damages [2]
Punitive damages are designed to punish and deter. A jury can take into account the character of defendant's behavior and their financial position.
These market makers are behemoths. Their actions almost led to the bankruptcy of a company building a foundational cure to all solid tumor cancers. At minimum, it delayed this treatment getting to the public. What sort of monetary punishment/deterrence is required to stop these MMs from engaging in this type of behavior moving forward?
NY has no cap on punitive damages.
2⃣Attorney Fees & Costs.
$NWBO's prayer for relief asks for attorney fees and costs. [3] Attorneys aren't cheap and neither are experts. Dr. Brogaard was $1k+ per hour. This is likely a couple million minimum and it goes up by the hour.
3⃣ Compensatory Damages
Compensatory damages are designed to put a person, or in this case $NWBO, in the position they would have been in but for the illegal share price manipulation.
At minimum this includes the damages for the 58m+ shares sold at depressed prices, and who knows how much this number could increase post discovery. It could also mean compensatory damages from delayed revenue from slower approval timelines, slower manufacturing ramp up timelines, slower times to start combination trials to get other products to market, etc.
➡️Thoughts
Damages in $NWBO's spoofing case could be considerable. I don't think it will sit well with a jury that the MMs were allowing (or maybe participating) in illegal behavior designed to harm a company attempting to bring a cancer treatment to market. Up to 40% of people get cancer at some point during their lifetime. That is two out of every 5. There are 12 people in a jury. If you haven't got cancer yourself, there is a good chance you have someone close that has dealt with cancer. Punitive damages from a jury could be significant and that doesn't even consider the possible compensatory damages, attorney fees or costs being borne by defendants.
We need to see how discovery plays out to get a better sense of damages, but as we stand here today, the ceiling for damages is still VERY high.
[1]https://t.co/reoXuZstPF
[2]https://t.co/pdfXLaFNhN
[3]https://t.co/pIotro3URi
➡️The Need For Market Reform
$NWBO $GME $AMC
Yesterday we saw a rare occurrence. A civil spoofing case likely survived a motion to dismiss.
You can read about $NWBO's spoofing case likely moving to discovery against seven of the largest market makers in the world here:
https://t.co/aASKczexMT
✅Why is it rare for a civil spoofing case to survive a MTD?
The system does not allow potential plaintiffs to obtain the trading records needed to satisfy the elements of a spoofing case. Let me give you some background using excerpts from ongoing spoofing cases in the Southern District of New York.
An element of spoofing is loss causation. To survive a motion to dismiss you need to show that loss causation is “plausible on its face”. Ashcroft v. Iqbal, 556 U.S. 663, 678 (2009) (quoting Bell Atlantic Corp. v. Twombly, 550 U.S. 554, 570 (2007))
✅What is loss causation?
Loss causation “is the proximate causal link between the alleged misconduct and the plaintiff’s economic harm.” ATSI Commc’ns, Inc. v. Shaar Fund, Ltd., 493 F.3d 87, 106 (2d Cir. 2007).
✅Why is loss causation hard to show?
“This argument has an obvious and fatal flaw: it completely ignores the spoofer’s other actions to drive the market in the opposite direction following the placement of the Baiting Orders. Those actions—including the placement of buy-side (or sell-side) orders to take advantage of the artificially depressed (or inflated) price—are an integral and indispensable part of a spoofing scheme. Unless the price moves back in the opposite direction of the artificial price resulting from the spoofed orders, the spoofer would be unable to profit from the spoofing. No trader would place fake Baiting Orders and then immediately cancel them just for the fun of it. Such conduct would be economically irrational.” (emphasis added)
Essentially, the price needs to revert back for the spoofer to make a profit. This assumes spoofers are trying to skim a small profit from a short term trade.
✅Yet, Laura Posner, $NWBO’s lead attorney stated spoofing was done to cover short positions.
"And like here, the plaintiff alleged that defendants sought to benefit from their spoofing by obtaining shares at below-market prices in order to cover short positions established through a related alleged scheme of naked short selling."
https://t.co/LlMADI9a94
If you’re covering a naked short position, you don’t need the price to revert – you need it to keep falling.
✅So, why doesn’t $NWBO claim naked shorting is happening?
We saw this claim in the Harrington case, and it didn’t go well.
To survive a motion to dismiss you need actual data, not inferences. The plaintiff in Harrington did not have data to show naked shorting was happening, only inferences.
"At this early stage of the litigation, only market-level data is available to Plaintiff to support its claims of abusive short selling on the U.S. markets."
https://t.co/WFyoHBjsxl
✅The Court in Harrington tossed the naked short selling claims stating, in relevant part:
"Without any specific factual allegation that any Defendant failed to deliver shares following a short sale, the Complaint fails to allege that abusive naked short selling took place. Instead, it merely alleges that short selling took place at high volumes, and that naked short selling may have taken place, neither of which is, by itself, manipulative. See ATSI Commc’ns, 493 F.3d at 101." (emphasis added)
https://t.co/2TY4eCmBIO
Thoughts
First, big congrats to $NWBO who in all likelihood just survived a motion to dismiss in their spoofing case. It's a rare occurrence.
Why is it rare? A lot of times spoofing is done to lower the share price to cover naked short positions. Yet, in a spoofing case you need to show a reversion of the price for the defendant market makers to profit. Why don't spoofing cases consider the scenario where there could be naked short and there is not a reversion of the share price? Because to survive a motion to dismiss, you need data. Naked short data is not publicly available.
Thus, this is why we have only seen a very small handful of civil spoofing cases. The data needed is not available at the pre motion to dismiss stage.
The market needs transparency to be able to enforce their own spoofing rules.
Further, this ruling is sending the signal that if you learn when a company is selling shares, don't spoof within 1 hour of said time and you'll be safe from any civil liability. In $NWBO's case they sold shares based on the closing price of their stock. So, market makers just need to avoid spoofing in the last hour of the market and they would avoid civil liability.
Doesn't seem fair, right?
That is why we need transparency on naked short positions and better enforcement of the reporting rules.
What can be done?
Better enforcement by the regulators is a start. Transparency is a must.
Also, some clever plaintiff attorneys might look at this another way. If you can only bring civil spoofing cases based on stock sales within 1 hour of spoofing and the company did not sell shares within said hour, then who did? Retail shareholders. A retail shareholder class action could likely ALWAYS claim a loss from a sale within one hour of a spoofing episode.
🚨BREAKING: $NWBO's spoofing lawsuit likely moves to discovery as magistrate recommends the motion to dismiss be GRANTED IN PART and DENIED IN PART.
Magistrate Judge Stein recommended The Motion to Dismiss ("MTD") in the $NWBO spoofing case be DENIED IN PART and GRANTED IN PART.*
"In sum, the Court concludes that: (1) the SAC sufficiently pleads loss causation with respect to the approximately 40 million shares of stock sold by NWBO at prices derived from closing prices on dates when Spoofing Episodes occurred; (2) the SAC fails to sufficiently plead a long-term, persistent negative impact on NWBO’s stock price, requiring dismissal of Plaintiff’s claims relating to the approximately 234 million other shares of stock sold during the Relevant Period; and (3) the SAC sufficiently pleads the elements of a manipulative act, scienter, and reliance." See Image 1.
This means the case is likely to move on to the discovery phase as to the 40 million shares of stock $NWBO sold at depressed prices. This case holds enormous implications for the wider market which will be discussed in more detail below. The Defendant market makers are some of the biggest MMs in the world, including @VirtuFinancial and @citsecurities, among others.
➡️The Case
Northwest Biotherapeutics, Inc v. Canaccord Genuity LLC, 1:22-cv-10185, (S.D.N.Y.) [1]
First, I'll give a 50,000 foot view of the Case. Next, I'll identify the parties and give some thoughts on what this ruling could mean to those involved in the case and to the wider market. Lastly, in a follow up post, I'll review Magistrate Stein's Report and Recommendation in detail.
➡️The 50,000 foot view
This is a case where $NWBO has alleged harm due to illegal share price manipulation by some of the biggest market makers in the world and their (likely) hedge fund clients so that they could make a dollar at the expense of real life cancer patients without any other treatment options. There has been no approved treatments for newly diagnosed glioblastoma for over two decades and these long suffering cancer patients are having to wait (with time they don't have) even longer for $NWBO's DCVax-L because of illegal market manipulation delaying its' access to the public.
Glioblastoma is one of the most deadly forms of cancer. There are 12,000+ glioblastoma diagnoses per year in the United States according to the American Brain Tumor Association. [2] The recurrence rate is nearly 100%. [3] The peer-reviewed DCVax-L JAMA publication showed 25 of 232 newly diagnosed glioblastoma patients alive at five years who took $NWBO's DCVax-L whereas the external control population that didn't take DCvax-L showed zero patients alive at five years out of 1,366 patients. [3] See Image 2. Similar positive long term survival was seen with DCVax-L in recurrent glioblastoma patients. See Image 3.
This means that for every year longer it takes for $NWBO's DCVax-L to hit the market 1,293 newly diagnosed glioblastoma patients in the United States will die an unnecessary death. Add in the UK, EU, Japan, and the RoW and that number is much much higher.
That's the real life impact on cancer patients throughout the world and it doesn't even take into account the financial terror on the market, specifically $NWBO and its' investors. You can read more about the impact of spoofing on $NWBO's share price here:
https://t.co/xxebMzstxw
➡️What did @JoeMillerJr and the Financial Times think of $NWBO's spoofing case?
"...huge if true" [4]
➡️Are $NWBO's allegation's true?
Magistrate Stein is stating $NWBO's claim is plausible on its' face as to 40 million shares of stock and there is a reasonable inference that defendant is liable for the alleged misconduct. A jury will likely make the final determination as to the merits of the claims.
“To survive a motion to dismiss, a complaint must contain sufficient factual matter, accepted as true, to ‘state a claim that is plausible on its face.’” Ashcroft v. Iqbal, 556 U.S. 662, 678 (2009) (quoting Bell Atlantic Corp. v. Twombly, 550 U.S. 554, 570 (2007)). A claim is plausible “when the plaintiff pleads factual content that allows the court to draw the reasonable inference that the defendant is liable for the misconduct alleged.” Iqbal, 566 U.S. at 678. [5]
➡️Plaintiff
Northwest Biotherapeutics, Inc. ("NWBO")
"NWBO is a clinical stage biotechnology company focused on the development of personalized cancer vaccines designed to treat a broad range of solid tumor cancers more effectively than current treatments, and without the side effects of chemotherapy, through a proprietary manufacturing technology which enables the Company to produce a personalized vaccine in an efficient and cost-effective manner." [6]
$NWBO has submitted their Marketing Authorization Application for approval of DCVax-L in the UK for BOTH newly diagnosed and recurrent glioblastoma and are awaiting an approval decision: https://t.co/tK0CY76lMy
➡️Defendants
Canaccord Genuity LLC @CG_Driven,
Citadel Securities LLC @citsecurities,
G1 Execution Services LLC,
GTS Securities LLC,
Instinet LLC,
Lime Trading Corp. @LimeTrading_, and
Virtu Americas LLC @VirtuFinancial
➡️Case Summary
"Northwest Biotherapeutics (NWBO) claims that the market makers deliberately engaged in repeated manipulative spoofing of its stock from December 5, 2017 – August 1, 2022...
During the Relevant Period, Defendants engaged in spoofing to manipulate the price of NWBO shares on OTC Link LLC and NYSE ARCA Global OTC, thus creating an imbalance in the market for NWBO shares and inducing other market participants to buy or sell at artificial prices. In order to carry out their spoofing scheme, Defendants placed tens of millions of Baiting Orders and executed millions of orders at manipulated prices during the Relevant Period. Indeed, Defendants engaged in spoofing on 395 of 1,171—or nearly 34%—of the trading days during the Relevant Period.
Plaintiff NWBO sold over 274 million shares at manipulated prices as a result of Defendants’ actions, over 40 million shares of which were sold at the closing price on dates where Spoofing Episodes occurred. By repeatedly and brazenly manipulating the market through their spoofing, Defendants directly impacted the price of NWBO’s shares in the market, causing Plaintiff significant losses as it sold millions of shares of NWBO stock at artificially depressed prices." [7]
➡️Why are Defendant Market Makers and their hedge fund clients spoofing $NWBO Stock?
One reason put forth by $NWBO and their lead attorney, Laura Posner, is for the purpose of a naked short covering scheme:
"And like here, the plaintiff alleged that defendants sought to benefit from their spoofing by obtaining shares at below-market prices in order to cover short positions established through a related alleged scheme of naked short selling." (Emphasis added) [8]
➡️Do we know the potential number of $NWBO naked short shares?
No.
➡️Who is $NWBO's lead attorney, Laura Posner?
"Her cases include 6 of the top 100 securities fraud class action settlements of all time, including In re Wells Fargo, the 17th largest securities fraud recovery for investors ever."
"Prior to joining the firm, Laura was appointed by the New Jersey Attorney General to serve as the Bureau Chief for the New Jersey Bureau of Securities – the top securities regulator in New Jersey. In that capacity, she was responsible for administrating and enforcing the New Jersey Uniform Securities Law and regulations thereunder, as well as managing and overseeing the employees who staff the Bureau of Securities."
For more information about Laura Posner see: https://t.co/DlrdzRDanH
➡️What does the recommendation to deny the MTD likely mean?⭐️
✅Judge Woods is very likely to adopt Magistrate Judge Stein's recommendation to deny the MTD
✅A denial of the MTD means the case moves on to discovery.
✅ Parties, including Hedge Funds, involved in spoofing will be identified. See:
https://t.co/vDOCgvD2hq
✅The hedge funds involved in said illegal behavior will be served subpoenas and any feeble attempts to dodge process servers will be dealt with by the courts:
https://t.co/ShpOV5RVWZ
✅Hedge funds and market makers may obfuscate but they will ultimately have to turn over relevant trading records:
https://t.co/JHLmyICQ9O
✅Hedge funds, market makers and their agents manipulating $NWBO's share price, or colluding with those that do so, have been put on notice that their behavior is now under a microscope and subject to third party subpoenas:
https://t.co/pKEoIKaBJn
@John_Hempton @MidwestHedgie @muddywatersre @AndrewTobias @adamfeuerstein
✅Spoofing experts have developed sophisticated algorithms to detect spoofing:
https://t.co/OT9A0GP8n4
✅Experts could discover much more spoofing incidents than what $NWBO listed in their Complaint once $NWBO obtains the trading data of Defendants and their hedge fund clients. Here is an example of another spoofing case where the expert discovered about 10x more spoofing incidents than what was initially listed in the complaint:
https://t.co/reoXuZstPF
✅While this is a civil case, spoofing is also a crime. Illegal behavior may be referred to the DoJ. People go to jail and pay large monetary fines for spoofing (in addition to any civil penalties):
https://t.co/W02P079Prf
✅Plaintiffs will get to look under the hood of the various market makers including what programs they use to monitor illegal trading, i.e. Actimize at @MerrillLynch:
https://t.co/MOAXnKVVDf
✅The Market Makers' Scapegoat, Adam Feuerstein and @statnews, could be subpoenaed. For more information on how Market Makers use Mr. Feuerstein as cover in legal filings for illegal trading see:
https://t.co/SFrrlin5q3
✅@adamfeuerstein and his employer @statnews, which is owned by the @BostonGlobe, could be looking at a deposition where they would have to answer questions as to Mr. Feuerstein's actions:
https://t.co/ENBPFOSAb2
https://t.co/5rTVrlgx1O
✅The Defendant Market Makers face significant liability in this spoofing case, including punitive damages. See:
https://t.co/pdfXLaFNhN
✅Fear of punitive damages is one of many reasons a market maker might settle. In fact, I believe we saw our first spoofing lawsuit settlement here:
https://t.co/gTLBS3C2n7
✅Copycat cases are likely to follow as Defendant's claim that this type of trading is "bedrock market-making activity" that is done in "virtually every stock in every trading venue across the country..." (emphasis added)
"This is bedrock market-making activity that the Securities and Exchange Commission has explained is an “indispensable part of an efficient and liquid market.”3 Yet NWBO’s contrived theory would convert routine, regulated market making in virtually every stock in every trading venue across the country into securities fraud, flooding the courts with frivolous copycat lawsuits attempting to end-run the PSLRA, potentially upending the entire U.S. equity market system." [8]
On the other hand, the Southern District of New York found Defendant Market Makers identified the Market Maker's trading to bear "all these indica of spoofing."
"The FAC contains particularized factual allegations evincing all these indicia of spoofing." [9]
✅Doug Cifu (@Dougielarge, CEO of $VIRT) and @VirtuFinancial petitioned the SEC in July '24 to make it easier to delist companies under $1 under the guise they are looking out for the best interest of retail shareholders [10] while at the same time engaging in alleged rampant share price manipulation that is harmful to these same retail shareholders and executing 50%+ of trades in dark pools with zero transparency [11]. The same Doug Cifu that stated this lawsuit will be dismissed and end with Rule 11 sanctions against $NWBO. See Image 4. Mr. Cifu has always been, and will remain, grifter extraordinaire:
https://t.co/Q7lFXcyjuX
*Note, the partial denial of the MTD is not final until Judge Woods' ruling, but he is very likely to follow Magistrate Stein's recommendation to deny the MTD. Judge Woods adopted in full the first Report & Recommendation by Magistrate Stein on the initial MTD.
[1]https://t.co/2vLwDOXAki
[2]https://t.co/VWbFQen62k.
[3]https://t.co/p3Y2kE5lDS
[4]https://t.co/wBzh2PEC9Y
[5]https://t.co/wlVppafyB6
[6]https://t.co/B9iyBdvuBp
[7]Docket #115, https://t.co/SbjXxsgmkS…
[8]https://t.co/LlMADI9a94
[9]https://t.co/wlVppafyB6
[10]https://t.co/ck5kk91QBv
[11]https://t.co/gmwNDPXhh3
@SECGov @DevinNunes @realDonaldTrump @elonmusk $MMTLP $GME $AMC @JoeMillerJr @Justinbaer @KatrynaJill @pulte @PamBondi @Kash_Patel @TheJusticeDept
![hoffmann6383's tweet photo. 🚨BREAKING: $NWBO's spoofing lawsuit likely moves to discovery as magistrate recommends the motion to dismiss be GRANTED IN PART and DENIED IN PART.
Magistrate Judge Stein recommended The Motion to Dismiss ("MTD") in the $NWBO spoofing case be DENIED IN PART and GRANTED IN PART.*
"In sum, the Court concludes that: (1) the SAC sufficiently pleads loss causation with respect to the approximately 40 million shares of stock sold by NWBO at prices derived from closing prices on dates when Spoofing Episodes occurred; (2) the SAC fails to sufficiently plead a long-term, persistent negative impact on NWBO’s stock price, requiring dismissal of Plaintiff’s claims relating to the approximately 234 million other shares of stock sold during the Relevant Period; and (3) the SAC sufficiently pleads the elements of a manipulative act, scienter, and reliance." See Image 1.
This means the case is likely to move on to the discovery phase as to the 40 million shares of stock $NWBO sold at depressed prices. This case holds enormous implications for the wider market which will be discussed in more detail below. The Defendant market makers are some of the biggest MMs in the world, including @VirtuFinancial and @citsecurities, among others.
➡️The Case
Northwest Biotherapeutics, Inc v. Canaccord Genuity LLC, 1:22-cv-10185, (S.D.N.Y.) [1]
First, I'll give a 50,000 foot view of the Case. Next, I'll identify the parties and give some thoughts on what this ruling could mean to those involved in the case and to the wider market. Lastly, in a follow up post, I'll review Magistrate Stein's Report and Recommendation in detail.
➡️The 50,000 foot view
This is a case where $NWBO has alleged harm due to illegal share price manipulation by some of the biggest market makers in the world and their (likely) hedge fund clients so that they could make a dollar at the expense of real life cancer patients without any other treatment options. There has been no approved treatments for newly diagnosed glioblastoma for over two decades and these long suffering cancer patients are having to wait (with time they don't have) even longer for $NWBO's DCVax-L because of illegal market manipulation delaying its' access to the public.
Glioblastoma is one of the most deadly forms of cancer. There are 12,000+ glioblastoma diagnoses per year in the United States according to the American Brain Tumor Association. [2] The recurrence rate is nearly 100%. [3] The peer-reviewed DCVax-L JAMA publication showed 25 of 232 newly diagnosed glioblastoma patients alive at five years who took $NWBO's DCVax-L whereas the external control population that didn't take DCvax-L showed zero patients alive at five years out of 1,366 patients. [3] See Image 2. Similar positive long term survival was seen with DCVax-L in recurrent glioblastoma patients. See Image 3.
This means that for every year longer it takes for $NWBO's DCVax-L to hit the market 1,293 newly diagnosed glioblastoma patients in the United States will die an unnecessary death. Add in the UK, EU, Japan, and the RoW and that number is much much higher.
That's the real life impact on cancer patients throughout the world and it doesn't even take into account the financial terror on the market, specifically $NWBO and its' investors. You can read more about the impact of spoofing on $NWBO's share price here:
https://t.co/xxebMzstxw
➡️What did @JoeMillerJr and the Financial Times think of $NWBO's spoofing case?
"...huge if true" [4]
➡️Are $NWBO's allegation's true?
Magistrate Stein is stating $NWBO's claim is plausible on its' face as to 40 million shares of stock and there is a reasonable inference that defendant is liable for the alleged misconduct. A jury will likely make the final determination as to the merits of the claims.
“To survive a motion to dismiss, a complaint must contain sufficient factual matter, accepted as true, to ‘state a claim that is plausible on its face.’” Ashcroft v. Iqbal, 556 U.S. 662, 678 (2009) (quoting Bell Atlantic Corp. v. Twombly, 550 U.S. 554, 570 (2007)). A claim is plausible “when the plaintiff pleads factual content that allows the court to draw the reasonable inference that the defendant is liable for the misconduct alleged.” Iqbal, 566 U.S. at 678. [5]
➡️Plaintiff
Northwest Biotherapeutics, Inc. ("NWBO")
"NWBO is a clinical stage biotechnology company focused on the development of personalized cancer vaccines designed to treat a broad range of solid tumor cancers more effectively than current treatments, and without the side effects of chemotherapy, through a proprietary manufacturing technology which enables the Company to produce a personalized vaccine in an efficient and cost-effective manner." [6]
$NWBO has submitted their Marketing Authorization Application for approval of DCVax-L in the UK for BOTH newly diagnosed and recurrent glioblastoma and are awaiting an approval decision: https://t.co/tK0CY76lMy
➡️Defendants
Canaccord Genuity LLC @CG_Driven,
Citadel Securities LLC @citsecurities,
G1 Execution Services LLC,
GTS Securities LLC,
Instinet LLC,
Lime Trading Corp. @LimeTrading_, and
Virtu Americas LLC @VirtuFinancial
➡️Case Summary
"Northwest Biotherapeutics (NWBO) claims that the market makers deliberately engaged in repeated manipulative spoofing of its stock from December 5, 2017 – August 1, 2022...
During the Relevant Period, Defendants engaged in spoofing to manipulate the price of NWBO shares on OTC Link LLC and NYSE ARCA Global OTC, thus creating an imbalance in the market for NWBO shares and inducing other market participants to buy or sell at artificial prices. In order to carry out their spoofing scheme, Defendants placed tens of millions of Baiting Orders and executed millions of orders at manipulated prices during the Relevant Period. Indeed, Defendants engaged in spoofing on 395 of 1,171—or nearly 34%—of the trading days during the Relevant Period.
Plaintiff NWBO sold over 274 million shares at manipulated prices as a result of Defendants’ actions, over 40 million shares of which were sold at the closing price on dates where Spoofing Episodes occurred. By repeatedly and brazenly manipulating the market through their spoofing, Defendants directly impacted the price of NWBO’s shares in the market, causing Plaintiff significant losses as it sold millions of shares of NWBO stock at artificially depressed prices." [7]
➡️Why are Defendant Market Makers and their hedge fund clients spoofing $NWBO Stock?
One reason put forth by $NWBO and their lead attorney, Laura Posner, is for the purpose of a naked short covering scheme:
"And like here, the plaintiff alleged that defendants sought to benefit from their spoofing by obtaining shares at below-market prices in order to cover short positions established through a related alleged scheme of naked short selling." (Emphasis added) [8]
➡️Do we know the potential number of $NWBO naked short shares?
No.
➡️Who is $NWBO's lead attorney, Laura Posner?
"Her cases include 6 of the top 100 securities fraud class action settlements of all time, including In re Wells Fargo, the 17th largest securities fraud recovery for investors ever."
"Prior to joining the firm, Laura was appointed by the New Jersey Attorney General to serve as the Bureau Chief for the New Jersey Bureau of Securities – the top securities regulator in New Jersey. In that capacity, she was responsible for administrating and enforcing the New Jersey Uniform Securities Law and regulations thereunder, as well as managing and overseeing the employees who staff the Bureau of Securities."
For more information about Laura Posner see: https://t.co/DlrdzRDanH
➡️What does the recommendation to deny the MTD likely mean?⭐️
✅Judge Woods is very likely to adopt Magistrate Judge Stein's recommendation to deny the MTD
✅A denial of the MTD means the case moves on to discovery.
✅ Parties, including Hedge Funds, involved in spoofing will be identified. See:
https://t.co/vDOCgvD2hq
✅The hedge funds involved in said illegal behavior will be served subpoenas and any feeble attempts to dodge process servers will be dealt with by the courts:
https://t.co/ShpOV5RVWZ
✅Hedge funds and market makers may obfuscate but they will ultimately have to turn over relevant trading records:
https://t.co/JHLmyICQ9O
✅Hedge funds, market makers and their agents manipulating $NWBO's share price, or colluding with those that do so, have been put on notice that their behavior is now under a microscope and subject to third party subpoenas:
https://t.co/pKEoIKaBJn
@John_Hempton @MidwestHedgie @muddywatersre @AndrewTobias @adamfeuerstein
✅Spoofing experts have developed sophisticated algorithms to detect spoofing:
https://t.co/OT9A0GP8n4
✅Experts could discover much more spoofing incidents than what $NWBO listed in their Complaint once $NWBO obtains the trading data of Defendants and their hedge fund clients. Here is an example of another spoofing case where the expert discovered about 10x more spoofing incidents than what was initially listed in the complaint:
https://t.co/reoXuZstPF
✅While this is a civil case, spoofing is also a crime. Illegal behavior may be referred to the DoJ. People go to jail and pay large monetary fines for spoofing (in addition to any civil penalties):
https://t.co/W02P079Prf
✅Plaintiffs will get to look under the hood of the various market makers including what programs they use to monitor illegal trading, i.e. Actimize at @MerrillLynch:
https://t.co/MOAXnKVVDf
✅The Market Makers' Scapegoat, Adam Feuerstein and @statnews, could be subpoenaed. For more information on how Market Makers use Mr. Feuerstein as cover in legal filings for illegal trading see:
https://t.co/SFrrlin5q3
✅@adamfeuerstein and his employer @statnews, which is owned by the @BostonGlobe, could be looking at a deposition where they would have to answer questions as to Mr. Feuerstein's actions:
https://t.co/ENBPFOSAb2
https://t.co/5rTVrlgx1O
✅The Defendant Market Makers face significant liability in this spoofing case, including punitive damages. See:
https://t.co/pdfXLaFNhN
✅Fear of punitive damages is one of many reasons a market maker might settle. In fact, I believe we saw our first spoofing lawsuit settlement here:
https://t.co/gTLBS3C2n7
✅Copycat cases are likely to follow as Defendant's claim that this type of trading is "bedrock market-making activity" that is done in "virtually every stock in every trading venue across the country..." (emphasis added)
"This is bedrock market-making activity that the Securities and Exchange Commission has explained is an “indispensable part of an efficient and liquid market.”3 Yet NWBO’s contrived theory would convert routine, regulated market making in virtually every stock in every trading venue across the country into securities fraud, flooding the courts with frivolous copycat lawsuits attempting to end-run the PSLRA, potentially upending the entire U.S. equity market system." [8]
On the other hand, the Southern District of New York found Defendant Market Makers identified the Market Maker's trading to bear "all these indica of spoofing."
"The FAC contains particularized factual allegations evincing all these indicia of spoofing." [9]
✅Doug Cifu (@Dougielarge, CEO of $VIRT) and @VirtuFinancial petitioned the SEC in July '24 to make it easier to delist companies under $1 under the guise they are looking out for the best interest of retail shareholders [10] while at the same time engaging in alleged rampant share price manipulation that is harmful to these same retail shareholders and executing 50%+ of trades in dark pools with zero transparency [11]. The same Doug Cifu that stated this lawsuit will be dismissed and end with Rule 11 sanctions against $NWBO. See Image 4. Mr. Cifu has always been, and will remain, grifter extraordinaire:
https://t.co/Q7lFXcyjuX
*Note, the partial denial of the MTD is not final until Judge Woods' ruling, but he is very likely to follow Magistrate Stein's recommendation to deny the MTD. Judge Woods adopted in full the first Report & Recommendation by Magistrate Stein on the initial MTD.
[1]https://t.co/2vLwDOXAki
[2]https://t.co/VWbFQen62k.
[3]https://t.co/p3Y2kE5lDS
[4]https://t.co/wBzh2PEC9Y
[5]https://t.co/wlVppafyB6
[6]https://t.co/B9iyBdvuBp
[7]Docket #115, https://t.co/SbjXxsgmkS…
[8]https://t.co/LlMADI9a94
[9]https://t.co/wlVppafyB6
[10]https://t.co/ck5kk91QBv
[11]https://t.co/gmwNDPXhh3
@SECGov @DevinNunes @realDonaldTrump @elonmusk $MMTLP $GME $AMC @JoeMillerJr @Justinbaer @KatrynaJill @pulte @PamBondi @Kash_Patel @TheJusticeDept](https://pbs.twimg.com/media/GiqIIKGXYAAIxKO.jpg)
@3_Putt_Bogey_ @christinks to clarify, you’re saying we likely stay between the 50 & 200 without/until news, correct?
Last Seen Users on Sotwe
gokhantest
Seen from Singapore
U57 trung niên
Seen from Vietnam
Sarina Khan Official
Seen from Pakistan
الحجه هيام إم منى
Seen from Saudi Arabia
tarmawan
Seen from United States
Blowjob Only
Bilal
Seen from India
Maestro 🔞 
Seen from Turkey
جماعة الزعط
Seen from United Kingdom
Akman - Türk amatör seks videoları Güncel!
Seen from Turkey
Most Popular Users
Elon Musk
@elonmusk
240.2M followers
Barack Obama
@barackobama
119.3M followers
Donald J. Trump
@realdonaldtrump
111.6M followers
Cristiano Ronaldo
@cristiano
109.1M followers
Narendra Modi
@narendramodi
107M followers
Rihanna
@rihanna
97.3M followers
NASA
@nasa
92.1M followers
Justin Bieber
@justinbieber
90.6M followers
KATY PERRY
@katyperry
86.9M followers
Taylor Swift
@taylorswift13
80.7M followers
Lady Gaga
@ladygaga
72.3M followers
Kim Kardashian
@kimkardashian
69.4M followers
Virat Kohli
@imvkohli
68.7M followers
YouTube
@youtube
68.6M followers
Bill Gates
@billgates
63.5M followers
The Ellen Show
@theellenshow
62.5M followers
CNN
@cnn
61.9M followers
Neymar Jr
@neymarjr
61.2M followers
X
@x
60.9M followers
Selena Gomez
@selenagomez
60M followers