WILMINGTON, Del., July 8, 2015 /PRNewswire/ -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of CorMedix Inc. (NYSE MKT: CRMD)?
- Did you purchase your shares between March 12, 2011 and June 29, 2015, inclusive?
- Did you lose money in your investment in CorMedix Inc.?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the District of New Jersey on behalf of all persons or entities that purchased the common stock of CorMedix Inc. ("CorMedix" or the "Company") (NYSE MKT: CRMD) between March 12, 2011 and June 29, 2015, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
If you purchased shares of CorMedix during the Class Period, or purchased shares prior to the Class Period and still hold CorMedix, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to firstname.lastname@example.org; or at: http://rigrodskylong.com/investigations/cormedix-inc-crmd.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public 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 filing pursuant to Section 17(b) of the Securities Act of 1933; (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. As a result of defendants' alleged false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
According to the Complaint, 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.
On this news, shares in CorMedix dropped over 16%, closing at $4.05 per share on June 29, 2015, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than September 4, 2015. A lead plaintiff is a representative party acting 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. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE Rigrodsky & Long, P.A.