SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of CorMedix, Inc. – CRMD
NEW YORK, NY / ACCESSWIRE / June 30, 2015 / Pomerantz LLP is investigating claims on behalf of investors of CorMedix, Inc. (“CorMedix” or the “Company”) (NYSE MKT: CRMD). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether CorMedix and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On June 29, 2015, an article by The Pump Stopper published on Seeking Alpha article reported, among other adverse facts, that: (i) a review of German court transcripts and corporate records indicated that the patent at issue in the company’s infringement lawsuit against Tauropharm is invalid, making the lawsuit a”$1.3-2.5m failure,” indicating that the company’s market claims are inaccurate; (ii) clinical studies on Taurolidine/Neutroline, the company’s sole product, indicate that the company made inaccurate statements about the product’s purported “40% benefit” over industry standards; and (iii) that the company now spends more on insider compensation than R&D. The article describes a years-long pattern of misrepresenting clinical trial progress and misleading investors, characterizing CorMedix as “one of the most brazen, worthless biotech shells of insider enrichment I have ever seen.”
On this news, shares of CorMedix fell $0.76 per share, to $4.10, or more than 15.64%, in intraday trading on June 29, 2015.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Florida, 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.
SOURCE: Pomerantz LLP