LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces the filing of a class action lawsuit 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 or your rights or interests with respect to these matters, 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 firstname.lastname@example.org, 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.
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