Glancy
Prongay & Murray LLP (“GPM”) reminds investors that a
class action lawsuit has been filed on behalf of investors of CorMedix,
Inc. (NYSE: CRMD) (“CorMedix” or “the Company”) who purchased the
Company’s securities between March 12, 2011 and June 29, 2015, inclusive
(the “Class Period”). CorMedix investors have until September 4, 2015
to file a lead plaintiff motion.
CorMedix is a pharmaceutical company that intends to in-license,
develop, and commercialize therapeutic products for the prevention and
treatment of cardiac, renal, and infectious diseases.
The complaint alleges that throughout the Class Period, defendants made
false and/or misleading statements, as well as failed to disclose
material adverse facts about the Company’s business, operations, and
prospects. Specifically, defendants made false and/or misleading
statements and/or failed to disclose, among others: (1) CorMedix’s only
viable product in development is based on a 1970s-era chemical product
acquired for less than $1 million in a bankruptcy sale; (2) CorMedix
relies heavily on paid stock promoters to pump the stock’s value; (3)
CorMedix uses misleading clinical data to hide the fact that its
Neutrolin/Taurolidine product is a failure; and (4) the Company is led
by an alleged “wipeout artist,” and associated with partners that have
been barred from the securities business by FINRA.
On news of the alleged wrongdoing of its executives and misleading
statements by the Company, shares of CorMedix fell $0.81 per share, or
16%, to close on June 29, 2015 at $4.05 per share thereby damaging
investors.
If you purchased shares of CorMedix during the Class Period, have
information or would like to learn more about these claims, or have any
questions concerning this announcement, please contact Casey Sadler, of
GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067
at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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