Relmada, a renowned pharmaceutical company producing new drug therapies for the treatment of acute pain, has filed an amended complaint in the Nevada Court System against Laidlaw. The amended complaint forms part of its previously filed lawsuit against Laidlaw which asserted that Laidlaw breached its fiduciary duty to Relmada when acting as its investment bank. The amended complaint comes on the backdrop of Laidlaw’s dissemination of false and erroneous proxy materials in a press release on December 4, 2015.
According to Relmada, Laidlaw’s press release was in contravention of the federal securities laws. Without a doubt, the actions of Laidlaw have had an adverse effect on Relmada from a financial point of view. For instance, Relmada’s stock price has been on the decline ever since. In this regard, Relmada also seeks economic damages due to the losses the company has made in terms of stock price as well as the legal fees it incurred in reaction to Laidlaw’s deceptive proxy materials.
In the meantime, the federal district court has decreed an injunction that enjoins Laidlaw and Eitner and Ahern from disseminating any additional deceptive proxy materials until the court case is settled. Relmada hopes that through this lawsuit, Laidlaw’s long history of not complying with securities laws will be punished and brought to an end.
Laidlaw is an investment bank with more than 170 years of experience providing all-inclusive investment banking services to native and international companies, institutions, corporate entrepreneurs and private clients across the world. Laidlaw’s executive team comprises of Matthew D. Eitner who is the Chief Executive Officer, and James Ahern, who serves as the senior managing partner and head of capital markets. With an expanding network of office branches in the US and Europe, Laidlaw caters to clients across the globe.
Laidlaw boasts of a workforce characterized by a remarkable work ethic and creativity, which has propelled the company to be a dominant player in the banking and capital market.