Relmada Therapeutics confirmed that it had filed a motion seeking to make amendments to its protest against Laidlaw & Company (UK) Ltd at the District of Nevada’s U.S. District Court. This motion forms part of the previous lawsuit it had filed at the Nevada District Court. The amendments seek to include another legal claim on the fiduciary duty breach as Laidlaw owed Relmada an obligation not to disclose confidential information it had acquired when it acted as the investment banker. Relmada Therapeutics is also seeking damages (monetary) from the costs and fees it incurred when responding to the misleading and false proxy materials given by Laidlaw in December 2015.
Relmada’s Reasons for the Lawsuit
Relmada filed a lawsuit against Laidlaw and James Ahern and Matthew Eitner (Laidlaw principals) due to the dissemination of misleading and false proxy materials. Relmada noted that there was in fact a previous temporary restraining order and injunction (associated) against the two principals from the Nevada Court. The board of Relmada believes that the lawsuit will ensure that Laidlaw compensates them for the damages caused and to prevent it from hurting the company going forward. Relamda has sent a letter to its stakeholders to explain in detail of the action it has taken in an attempt to protect their interests.
About Laidlaw & Company
Laidlaw & Company (UK) Ltd. offers wealth management and investment banking services to both individuals and institutions in the US and UK. It offers a number of services under investment banking like capital raising via equity placement with institutions and retail investors with a high net worth, placement of mezzanine capital and debt with the institutional-based investors and acquisition financing. I have read about various scandals involving this investment banker and its principals Matthew Eitner and James Ahern. The two have been accused by Relmada Therapeutics of giving false proxy materials that are misleading to the investors.