Let's Get Real.
Remalda Therapeutics, involved in the development of therapies for people who suffer from chronic pain, have announced their decision to sue Laidlaw & Company. Remalda also amended the charges to add several more in the suit filed before the U.S. District Court for the District of Nevada. Remalda claims Laidlaw violated a number of fiduciary laws by disclosing Remalda’s confidential information when it worked as its investment banking, which could negatively impact their reputation negatively on investors. Remalda has sued for damages to cover the costs and fees the company incurred as a result of being misled by Laidlaw.
Board of Director’s Decision
Remalda’s board of directors concluded that Laidlaw ought to compensate them for damages caused and serve as a form of deterrence from repeating their actions in future. The board of directors had to react in order to protect the company and also safeguard the stakeholders’ interests as much as possible. Earlier on, the court issued a temporary restraining order against the Laidlaw principals, James Ahern and Mathew Eitner due to their proxy materials that were misleading. The suit was then amended early this year in January, with a view of seeking further restitution and protection.
About Laidlaw & Company
Laidlaw is a company that has been around for about 170 years and deals with investment and independent banking needs for local and international corporations, companies, institutions and private investors. It is based in New York and is incorporated in England. Laidlaw is headed by James Ahern as managing partners and Capital Markets head and Matthew Eitner who is the CEO. The two principals are infamous for misinformation and attempting to dent the Remalda company’s reputation by releasing inaccurate information. The firm itself lacks compliance, and is in violation of a number of SEC laws. The firm also hired some rogue investors and brokers from firms that had already been shut down by regulator for fraud-related reasons.