On Dec. 11, 2015, Relmada Therapeutics, a clinical company developing treatment for chronic pain, announced that the U.S District Court of Nevada issued a temporary restraining order and associated injunction on Laidlaw. Laidlaw and company, along with their principals Mathew Eitner and James Ahern, were urged to cease continuing spreading false and misleading information about Relmada’s proxy materials. The restraining order was a response to Laidlaw’s prior actions of spreading false information in an attempt for them to take control of Relmada. A lawsuit was issued on that attempt as well.
Laidlaw, who’s served as an investment banker to Relmada in the past, has a history of violating U.S. financial regulations. Sergio Traversa, executive chief of Relmada, stated that, “We do not believe that it is in our stockholders’ best interest to give effective control of the company to Laidlaw.” The court found that Relmada was likely to success on their metis that Relmada and its stockholders would suffer irreparable harm if Laidlaw were not stopped in spreading misinformation.
Although Laidlaw has a 170 year legacy of independent banking, I find them to be a wolf in sheep’s clothing. They claim to focus on the needs of domestic and international companies; however, their constant disregard to Relmada’s integrity shows their true colors. What shocks me even more is that they’re a healthcare focused and investment bank. Yet, their attempts to do damage towards Relmada, makes them hypocritical at best.
Both Mathew Eitner and James Ahern, one being the Chief Executive Officer and the former the Head of Capital Markets, may appear clean and professional. Yet, their hands are both soiled with being part of Laidlaw’s pursuits in spreading false information about Relmada. Please click the link below for more details.