NEW YORK, July 10, 2015 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a securities class action has been filed in the United States District Court for the District of New Jersey on behalf of purchasers of CorMedix, Inc. ("CorMedix" or the "Company") (NYSE:CRMD) securities from March 12, 2011 through June 29, 2015, all dates inclusive (the "Class Period"). The lawsuit seeks to recover damages for CorMedix investors under the federal securities laws.
If you purchased CorMedix securities during the Class Period, you may, no later than September 4, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you want more information about the CorMedix Securities Class Action, contact Morgan & Morgan at 1(800) 732-5200 or email info@morgansecuritieslaw.com
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) CorMedix's announcements regarding its partnership discussions and imminent Phase 3 trials for its sole product, Neutrolin, were materially false and misleading; (2) clinical studies touted by CorMedix were misleading and overstated Neutrolin's effectiveness when in fact Neutrolin offers no benefit compared to current industry protocols; (3) CorMedix overstated the cost effectiveness of Neutrolin compared to currently established medical protocols; (4) CorMedix's market claims for Neutrolin were overstated; (5) CorMedix stock achieved an unsustainable valuation by using paid stock promoters, yet failed to disclose the use of such promoters in its regulatory filings pursuant to the federal securities laws; (6) CorMedix insiders enriched themselves at the expense of shareholders by selling stock at inflated prices; and (7) as a result of the foregoing, CorMedix's public statements were materially false and misleading at all relevant times.
On June 29, 2015, an article by The Pump Stopper published on Seeking Alpha alleged that: 1) personnel involved in the formation of CorMedix had faced prior accusations of fraud; 2) Neutrolin's performance in clinical trials was vastly overstated; and 3) the Company had engaged stock promoters in order to inflate the Company's share price. Following this news, shares of CorMedix fell $0.81, or over 16.6%, on unusually heavy volume, to close at $4.05 on June 29, 2015.
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