Laidlaw & Company Ltd provides wealth management services and investment banking services to institutions and individuals in the US and the UK. The firm raises capital through equity placement with high net worth retail investors and financial institutions, acquisition of financing, debt, and mezzanine capital placement through institutional investors. Laidlaw also deals with the US trading markets, national exchange listings arrangements, and AIM-listed transactions in the UK market in addition to initial public offerings.
The company has been hitting the news headlines for all the wrong reasons including corruption allegations and scams that their executives are involved in. The latest lawsuit was filed by a clinical stage company involved in developing novel therapies for treating chronic pains, Remelda Therapeutics, Inc.
Relmada Therapeutics Amends Their Law Suit against Laidlaw
Relmada Therapeutics filed a lawsuit against Laidlaw’s dishonesty and misrepresentation behavior in releasing misleading proxy materials concerning the firm in December 2015. The misinformation has damaged the reputation and credibility of Relmada, setting their stock prices on a downward trend. The suit was filed in the Nevada District Court and later amended to include an additional legal claim in consideration of Laidlaw’s breach of confidentiality. Laidlaw owes Relmada the fiduciary duty not to disclose any confidential information submitted to them as the firm’s investment banker. Relmada also seeks monetary compensation for damages incurred in legal fees and other costs during the suit.
The Nevada court had previously issued temporary restraining orders and associated injunctions against Laidlaw& Company and its principals, James Ahern and Matthew Eitner. The two executives were involved in the dissemination of the false and misleading proxy materials. The Board of Directors of Relmada Therapeutics believes that Laidlaw & Company must compensate the firm for all the damages caused to the business and that Laidlaw must be restrained from hurting the firm in future.