Relmada Therapeutics, Inc., a company in its beginning stages, is developing therapies for treating chronic pain. This company has recently announced that they filed a motion, amending the complaint against LaidLaw & Company Ltd. This amendment is part of a lawsuit they had previously filed, which includes another legal claim based on Laidlaw’s breach of the fiduciary duty owed to Relmada when they disclosed confidential information. In addition, Relmada is seeking monetary damages from fees and costs incurred while responding to Laidlaw’s misleading proxy materials in 2015.
The company has also stated that the Nevada court system issued a restraining order again against Laidlaw, as a result of their distribution of untrue and misleading proxy materials. Relmada believes they are owed compensation for the damages they have suffered because of Laidlaw. They also believe Laidlaw must be prevented from harming their company in the future.
Laidlaw & Company is an investment banking and brokerage firm. They offer personalized investment advice to both private and public institutions, in addition to high net worth individuals. They have a growing number of offices throughout the U.S. and Europe. Led by CEO, Matthew D. Eitner and Managing Partner, James Ahern, Laidlaw & Company uphold a 170 year legacy of investment banking around the world.
Between 2007 and 2009, Laidlaw received more than 60 complaints that requested claims for damages. They were sanctioned by the FINRA, or the Financial Industry Regulatory Authority, for laughable reporting of such complaints. In 2012, FINRA found that Laidlaw failed to implement adequate policies concerning anti-money laundering, failed to report claims for monetary damages, distributed misleading communications to the public and failed to maintain checks received and forwarded. Laidlaw & Company has a long-running history of noncompliance with security laws and a serious history of FINRA violations.