Relmalda, a company that deals with the creation of therapeutic drugs for the treatment of chronic pain, had initially filed a motion against Laidlaw for alleged breach of contract while acting as their investment banker in a Nevada District Court in December 2015.The company in a recent press release has moved to amend this file to include an additional legal claim of the breach of the fiduciary duty that Laidlaw owed Relmada after disclosing sensitive information to the public.Remalda is also seeking monetary compensation for fees incurred while clearing the air on the said allegations by Laidlaw.
Despite the Nevada court issuing a restraining order on the two Laidlaw officials Matthew Eitner and James Ahern who were responsible for the dissemination of misleading material, Relmalda feels that their employer should pay for damages caused to prevent them from harming the company in future.
In the press release, Remalda goes ahead to share with the public a letter forwarded to its shareholders as an assurance that their interest was being taken care of through this lawsuit.This letter reassures the shareholders that even as they continue to seek justice, business is going on as usual and they have made new developments in the multi-billion dollar market.The company is also hopeful that they can bring this issue to a close and concentrate on execution of their product development plan.
Laidlaw is an investment banking and brokerage firm with a growing network of offices in the United States and Europe.The Executive team consists of the CEO, Matthew .D.Eitner, the head of capital markets James.P.Ahern and the chief compliance officer, John.W.Coolong. The services rendered by Laidlaw include capital raising and initial public offering.These two roles have raised a lot of controversies with various parties raising complaints against Laidlaw with regulatory bodies which have in most cases taken action against them.
Stakeholders are therefore following this lawsuit keenly to find out how everything plays out.We can only hope that Laidlaw will be able to redeem itself.