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NEW YORK, Aug. 24, 2015 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against CorMedix, Inc. (“CorMedix” or the “Company”) (NYSE:CRMD) and certain of its officers. The class action, filed in United States District Court, District of New Jersey, is on behalf of a class consisting of all persons or entities who purchased CorMedix securities between March 12, 2011 and June 29, 2015 inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 17(b) of the Securities Act of 1933.
If you are a shareholder who purchased CorMedix securities during the Class Period, you have until September 4, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
CorMedix is a pharmaceutical company which seeks to license, develop, and commercialize therapeutic products for the prevention and treatment of cardiac, renal, and infectious diseases. The Company markets Neutrolin, a catheter lock solution for the prevention of catheter related bloodstream infections and maintenance of catheter patency in tunneled, cuffed, and central venous catheters used for vascular access in hemodialysis patients. Its product candidate is CRMD004, which is the gel formulation of Neutrolin intended for the treatment of wounds, skin infections, soft tissue infections, and the prevention of catheter exit site infections. The Company was formerly known as Picton Holding Company, Inc. and changed its name to CorMedix Inc. in January 2007.
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 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.
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.
As a result of 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.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. WilloughbyPomerantz LLPrswilloughby@pomlaw.com