Relmada Therapeutics is a company who develops new therapies to help treat individuals with chronic pain. They have recently amended their complaint against Laidlaw & Company. This amendment was part of a lawsuit previously filed in Nevada. The lawsuit stated Laidlaw had released confidential information. This information was obtained while in the position of investment banker for Relmada Therapeutics.
Relmada incurred monetary damages regarding a misleading proxy from Laidlaw and is seeking compensation. James Ahern and Matthew Eitner are the principals for Laidlaw who is under a temporary restraining order. Relmada wants to stop Laidlaw from harming any other companies in the future.
A letter was sent to the Relmada stockholders regarding the incidents concerning Laidlaw. Relmada explained the legalities of the situation involving Laidlaw and assured their stockholders appropriate actions were being taken. Relmada explained they would continue with their current plan for development. They feel their plan is already succeeding. Relmada is looking forward to the opportunities they are creating for the future.
Laidlaw has previously been the primary investment banker for Relmada. They have also acted as their financial advisor. The problem began in 2015 when the possibility of finding new investors was discussed. This information regarding specific investors was sent to the board and filed with the SEC by Laidlaw. Relmada’s board reached out to Laidlaw to try to peacefully settle this dispute. Matthew Eitner and James Ahern were both in attendance at the resulting meeting. Unfortunately, due to Laidlaw nothing was accomplished.
Laidlaw is an investment and security brokerage firm. They have locations throughout the United States and Europe. They employ more than one-hundred-fifty individuals. The needs of their clients are served globally. After one-hundred-seventy years in business I am appalled they would do this. I believe after researching this incident they knew exactly what they were doing. The world is in a sad state of affairs when a company we should be able to respect is capable of these actions.