SAN DIEGO, Aug. 31, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed against CorMedix Inc. over alleged Securities Laws Violations and that a deadline is upcoming on September 4, 2015 for certain investors in CorMedix Inc. (NYSE MKT:CRMD) shares.
Investors who purchased a significant amount of shares of CorMedix Inc. (NYSE MKT:CRMD) between March 12, 2011 and June 29, 2015 and suffered losses in excess of $100,000,
and/or
Investors who purchased any (NYSE MKT:CRMD) shares prior to March 2011 and continue to hold any of those shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims that between March 12, 2011 and June 29, 2015 defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that CorMedix Inc.’s announcements regarding its partnership discussions and imminent Phase 3 trials for its sole product, Neutrolin, were materially false and misleading, that clinical studies touted by CorMedix were misleading and overstated Neutrolin’s effectiveness when in fact Neutrolin offers no benefit compared to current industry protocols, that CorMedix Inc. overstated the cost effectiveness of Neutrolin compared to currently established medical protocols, that CorMedix Inc.’s market claims for Neutrolin were overstated, that CorMedix Inc. 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, that CorMedix Inc. insiders enriched themselves at the expense of shareholders by selling stock at inflated prices, and that as a result of the foregoing, CorMedix’s public statements were materially false and misleading at all relevant times.
Then on June 29, 2015,a report was published on CorMedix Inc asserting, among other things, that CorMedix Inc is based on a 1970s-era catheter product acquired for less than $1 million in a bankruptcy sale, apparently after at least two failed sales processes, that CorMedix’s market size claims are greatly exaggerated, and that CorMedix Inc is touting misleading clinical-data, as in-depth industry research shows its Neutrolin/Taurolidine product is a failure and “40% benefit!” versus industry standards is inaccurate.
Those investors who purchased (NYSE MKT:CRMD) shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.