HARTFORD, Conn., Aug. 14, 2007 LAWFUEL – The Legal Newswire — The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Western District of Washington on behalf of all persons who purchased the publicly traded securities of Northwest Biotherapeutics, Inc. (“Northwest Biotherapeutics”) (OTCBB:NWBO) between July 9, 2007 through July 16, 2007, inclusive (the “Class Period”).
The Complaint charges that Northwest Biotherapeutics and certain of its officers and directors violated federal securities laws by issuing false and misleading statements about its lead drug candidate DCVax-Brain. Specifically, on July 9, 2007, the Company issued a press release entitled “World’s First Therapeutic Vaccine for Brain Cancer Commercially Available to Patients in Switzerland.” The release stated that Northwest Biotherapeutics received an “authorization for use” from the Swiss authorities and that “DCVax-Brain is the first commercially available therapeutic vaccine for such cancers. The Company intends to begin making the product available to patients in Q3 2007.” A week later, on July 16, 2007, Northwest Biotherapeutics issued another press release explaining that the authorization it received was really just for import/export purposes, and was conditional even for those limited purposes. Northwest Biotherapeutics stated that the Swiss government has not yet reviewed DCVax for either safety or efficacy. Northwest Biotherapeutics’ stock which traded as high as over $7 per share during the Class Period has since dropped to below $3 per share.
If you are a member of the class, you may, no later than October 12, 2007, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard P.C. has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at
(800) 797-5499, or by e-mail at [email protected], or visit our website:
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca