Relmada Therapeutics, a leading producer of chronic pain relief therapy novels, made some significant changes to its existing lawsuit against Laidlaw & Company at Nevada District Court. In the changes, Relmada wants Laidlaw to compensate it for damages it experienced while clearing out its name after false proxy materials were released in December 2015. The company is also seeking to introduce another claim that will see Laidlaw held responsible for breach of fiduciary duty. According to the claim, Laidlaw released crucial information about the Relmada in its capacity as the company’s investment banker.
The Nevada District Court judge has already issued an injuction to Laidlaw’s CEOs Mathew Eitner and James Ahern. To make the changes official, Relmada drafted a letter that was sent to all the shareholders notifying them of the new development.
About Laidlaw & Company
Laidlaw & Company is a private investment banking venture led by Mathew Eitner and James Ahern. The company operates in the United States and the United Kingdom. In January 2016, the company made significant changes in its leadership structure with new managing director taking charge of its London office.
Laidlaw has been involved in several legal tussles with its clients. In 2014, one of its brokers Leonard V. Gallick was involved in excessive trades to get more commission. Another client also claimed that the firm executed fraudulent trades. Most of these suits have resulted into settlements.
The company is one of the affiliates of The Sands Brothers. Sands Brothers is known for its numerous violations of federal securities laws. It seems that Laidlaw is closely following in its footsteps. In 2007, the company received about 60 complaints from clients. It was subsequently punished by FINRA for failing to attend to the issues. The company also failed to establish and implement financial policies as required by FINRA.