Tag: NWBO Stocktwits

Citadel, Virtu, Susquehanna Fight Biotech Company Lawsuit

Market News Daily - Citadel, Virtu, Susquehanna Fight biotech company lawsuit.
Market News Daily – Citadel, Virtu, Susquehanna Fight Biotech Company Lawsuit.

Citadel, Virtu, Susquehanna, and others are fighting a lawsuit from cancer research company Northwest Biotherapeutics (OTCMKTS:NWBO).

Others in the lawsuit include Canaccord Genuity LLC, G1 Execution Services LLC, GTS Securities LLC, Instinet LLC, and Lime Trading Corp.

Some retail investors might be familiar with a few of these names involved in the handling of their MMTLP shares, which developed into one of the biggest financial frauds on Wall Street.

Northwest Biotherapeutics has sued eight of the US’s largest market-making traders alleging they drove down its share price by placing sell orders they had no intention of executing, also known as ‘spoofing’.

The complaint, filed by Northwest Biotherapeutics in a federal court in New York on Thursday, claimed that the traders “deliberately engaged in repeated spoofing that interfered with the natural forces of supply and demand” by placing tens of millions of fake orders between December 2017 and August of last year.

Comments from Northwest Biotheraputics

The trading companies would then cancel those orders and buy Northwest’s shares at an artificially lower price, the complaint alleged.

Lawyers for the clinical-stage biotechnology firm claimed a “particularly egregious example” of this activity took place in May, after the publication of what they maintain were positive trial data for Northwest’s DCVax-L brain cancer drug.

The study’s design had been questioned by scientists, per FT.

The news “should have caused NWBO’s share price to increase, absent manipulation in the market”, they wrote, referring to the company’s stock symbol.

Instead, it dropped from $1.73 to a low of $0.3862. 

“This staggering decline of 78 per cent in the price on a day with extremely positive news about the company was caused by defendants’ relentless and brazen manipulation of the market for NWBO shares,” lawyers at Cohen Milstein Sellers & Toll added.

Ken Griffin Objects to the Allegations

“This frivolous lawsuit appears to be nothing more than an attempt by Northwest Biotherapeutics to divert attention away from its long history of governance and management failures, SEC charges for financial reporting lapses, and lawsuits from its own shareholders,” Citadel Securities said in a statement.

“We intend to pursue any and all legal action against Northwest Biotherapeutics for making these false and baseless allegations, which only undermine the integrity of our capital markets,” the trading company added.

“It’s already underhanded to engage in market manipulation, but to do so at the expense of cancer patients, some of whom have no other treatments to place their hopes on, is unconscionable,” said Laura Posner, a partner at Cohen Milstein.

Retail investors are enraged by the continued scandals from Citadel and other market makers.

Citadel has a long history of market manipulation and fines.

“The game is not fair and it never has been. Individual investors, even when operating in a swarm, are destined to lose. How do I know? I helped design the game,” says ex-Citadel Data Scientist Patrick McConlogue.

Shares of NWBO stock are currently trading at $0.64, respectively.

The retail community wants to see some form of justice surrounding the lawsuit.

The U.S. government is treading a fine line waiving market injustices — the SEC recently scrapped plans to vote on a hedge fund transparency rule.

Plaintiffs File Motion to Dismiss

Today, Citadel and the defendants have filed a joint memorandum of law in support of motion to dismiss this case.

If the motion to dismiss is approved, retaliation from investors around the world may grow.

In January, Occupy SEC 2023 raised awareness of the market injustices the retail community has endured over the past years.

While the protest was peaceful, the neglect is hurting the lives of real people and there’s no telling just how far these events may eventually escalate to.

Investors on social media fear peaceful protests are no longer going to create an impact but rather through alternative means.

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Market News Today - Citadel, Virtu, Susquehanna Fight biotech company lawsuit.
Market News Today – Citadel, Virtu, Susquehanna Fight Biotech Company Lawsuit.

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NWBO Stock: Citadel Chooses to Profit from Cancer Drug Company

NWBO stock Citadel
Market News Today: Northwest Biotherapeutics joins fight against naked short selling.

NWBO stock alert: Northwest Biotherapeutics sued Citadel and other market makers for manipulating its stock price in December of 2022.

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.”

$GNS$MMTLP, and others are taking regulators and market manipulation head on in a string of lawsuits.

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.

Related: Investors Say CEOs Should Fight Naked Short Selling Like GNS

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.

Market News Published Daily

Market News Today: Northwest Biotherapeutics joins fight against naked short selling.
Market News Today: Northwest Biotherapeutics joins fight against naked short selling.

For more stock market, business news and updates, join the newsletter to receive weekly market news and notifications straight to your inbox.

Franknez.com is the media blog that keeps retail investors informed.

You can also follow me on TwitterInstagramFacebook, or LinkedIn for daily posts.


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  • Gain access to EXCLUSIVE FrankNez articles you won’t find here.
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