WAYNE, Pa., July 24, 2015 /PRNewswire/ -- Ryan & Maniskas, LLP that a class action lawsuit has been filed in United States District Court for the District of New Jersey on behalf of purchasers of CorMedix, Inc. ("CorMedix" or the "Company") (NYSE MKT: CRMD) securities from March 12, 2011 through June 29, 2015, all dates inclusive (the "Class Period").
CorMedix shareholders may, no later than September 4, 2015, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of CorMedix and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/crmd.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) CorMedix's announcements regarding its partnership discussions and imminent Phase 3 trials for its sole product, Neutrolin, were materially false and misleading; (2) clinical studies touted by CorMedix were misleading and overstated Neutrolin's effectiveness when in fact Neutrolin offers no benefit compared to current industry protocols; (3) CorMedix overstated the cost effectiveness of Neutrolin compared to currently established medical protocols; (4) CorMedix's market claims for Neutrolin were overstated; (5) CorMedix stock achieved an unsustainable valuation by using paid stock promoters, yet failed to disclose the use of such promoters in its regulatory filings pursuant to the federal securities laws; (6) CorMedix insiders enriched themselves at the expense of shareholders by selling stock at inflated prices; and (7) as a result of the foregoing, CorMedix's public statements were materially false and misleading at all relevant times.
On June 29, 2015, an article by The Pump Stopper published on Seeking Alpha alleged that: 1) personnel involved in the formation of CorMedix had faced prior accusations of fraud; 2) Neutrolin's performance in clinical trials was vastly overstated; and 3) the Company had engaged stock promoters in order to inflate the Company's share price. Following this news, shares of CorMedix fell $0.81, or over 16.6%, on unusually heavy volume, to close at $4.05 on June 29, 2015.
If you are a member of the class, you may, no later than September 4, 2015, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/crmd. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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