NEW YORK, July 09, 2015 (GLOBE NEWSWIRE) -- Stull, Stull & Brody ("SS&B") announces that a class action lawsuit was commenced in the United States District Court for the District of New Jersey on behalf of persons who purchased or acquired the shares of CorMedix, Inc. ("CorMedix") (NYSE MKT:CRMD) between March 12, 2011 and June 29, 2015 (the "Class Period").
If you purchased CorMedix securities during the Class Period you may move the Court to serve as lead plaintiff in the action by September 4, 2015. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation.
The Complaint alleges that throughout the Class Period defendants concealed from the investing public 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 its effectiveness; (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 undisclosed paid stock promoters; (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 and its stock traded at artificially inflated prices during the Class Period.
SS&B is also investigating whether allegations in the class action were also breaches of fiduciary duties by the officers and directors of CorMedix. SS&B's investigation relates to allegations in news reports that CorMedix has used undisclosed, paid stock promoters to increase the value of its shares, which SS&B believes may have been a waste of corporate assets that also exposed CorMedix to potential liability.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Michael J. Klein, Esq. at Stull, Stull & Brody by e-mail at CRMD@ssbny.com, by calling toll-free 1-800-337-4983 x147, or by fax at 212/490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.
Stull, Stull & Brody has litigated many class actions for violations of securities laws and breaches of fiduciary duty on behalf of defrauded investors over the past 40 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody has offices in New York and Beverly Hills. The Stull, Stull & Brody website (www.ssbny.com) has additional information about the firm.
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