Ken Griffin’s Citadel has chosen to profit from the US cancer drug company through the means of short selling, a practice the hedge fund/market maker is notoriously known for.
Northwest Biotherapeutics accused Citadel Securities LLC, Susquehanna, Virtu, and other Wall Street firms of driving its stock price down through the use of various illicit trading activities.
One being ‘spoofing‘ orders.
Spoof orders are orders intended to be cancelled before execution to drive prices in a direction more favorable to the market manipulator.
The lawsuit comes as no surprise to the retail community as Citadel has a long history of market manipulation.
Northwest Biotherapeutics, Inc. is a biotechnology company, which engages in the development of personalized immune therapies for cancer.
It offers DCVax technology platform, which uses activated dendritic cells to mobilize a patient’s own immune system to attack their cancer.
Why Ken Griffin’s Citadel Securities would attack a cancer drug company for profit is beyond comprehension.
But the fight against naked short selling grows as more companies begin to take legal action against these predatorial practices.
Other Companies Taking Action
Global Tech Industries Group, Inc. (OTCMKTS:GTII) has taken legal action against naked shorts.
The Nevada corporation announced that its board of directors has authorized management to move forward with appropriate legal action in connection with what it believes to be illegal trading activity in the Company’s shares.
Global Tech’s press release published the following statement:
“It appears that certain market makers have failed to post regular or continuous proprietary quotations that are at or near the market on both sides and that are communicated and represented such that they are widely accessible to investors and other broker-dealers.
When market makers fail to meet this requirement, as well as other applicable requirements, it can bring into question whether they are engaging in “bona fide market making” and can avail themselves to any “locate” exemptions afforded to bona fide market makers when executing short sales.”
CEO of Genius Group ($GNS) Roger Hamilton is leading a first-ever team of CEOs to fight against naked shorting.
The CEO said on Twitter that other CEOs $NWBO, $GTII, $MICT, $COSM, $CRTD, $MMTLP, $TRCH, are taking legal action with Wes Christian, a lawyer who has been investigating stock manipulation since 2000.
NWBO Stock Price Today
NWBO stock is down -5% this year-to-date and down -28.76% in the past year, currently trading at $0.68 per share.
Majority of the company’s float is being shorted with approximately 34.29 million shares out on loan according to Ortex data.
It’s cost to borrow isn’t very high, which makes it an easy stock to short.
Should a stock like Northwest Biotherapeutics fall victim to predatorial short selling?
Investors are calling the practice unethical as the company aims to develop immunotherapies against different types of cancers.
Be sure to read this incredible synopsis on $NWBO written by a community member on Reddit.
It doesn’t get deeper than that.
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