PHILADELPHIA, Sept. 7, 2007 (PRIME NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. announces that the firm filed a class action lawsuit in the United States District Court for the Western District of Washington, Civil Action No. 07- 1379, on behalf of purchasers of the securities of Northwest Biotherapeutics, Inc. ("NWBO" or the "Company") (OTCBB:NWBO) between July 9, 2007 and July 16, 2007, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Act of 1934 (the "Exchange Act").
The complaint charges NWBO and Dr. Alton Boynton with violations of Sections 10(b) and 20(a) of the Exchange Act, by issuing a materially false and misleading statement. 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." Defendants announced that they received an Authorization for Use from the Swiss Authorities for the Company's lead drug product which treats brain cancer. As a result of this announcement, the price of NWBO stock shot up from $2 to $7. One week later, on July 16, 2007, NWBO 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. Additionally, in that press release, the Company stated that the Swiss government had not yet reviewed DCVax for safety or efficacy. As a result of investors learning the truth, that the Swiss government had not approved DCVax-Brain for marketing, NWBO's stock dropped to below $3 per share.
Plaintiff seeks to recover damages on behalf of all those who purchased the securities of NWBO between July 9, 2007 and July 16, 2007. In order to serve as lead plaintiff, however, you must meet certain legal requirements and file your motion with the Court by October 12, 2007.
This firm also recently filed a securities class action against Rait Financial Trust, (RAS-NYSE), class period, 01/10/07 - 07/31/07; Radian Group, Inc., (RDN-NYSE), class period, 01/23/07 - 07/31/07; Limelight Networks, Inc., (LLNW-NASDAQ), class period, 06/08/07 - 08/08/07; Motorola, Inc., (MOT-NYSE), class period, 07/19/06 - 01/04/07.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca.