WASHINGTON, April 07, 2016 (GLOBE NEWSWIRE) -- Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Rockwell Medical, Inc. (“Rockwell” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the Southern District of New York by another law firm on behalf of purchasers of the common stock of Rockwell Medical, Inc. (NASDAQ:RMTI) between September 9, 2015 and February 29, 2016, inclusive (the “Class Period”).
The Class Period begins on September 9, 2015, with Rockwell’s announcement of the U.S. commercial launch of Triferic, claiming it “is the only FDA approved iron product indicated to replace iron and maintain hemoglobin in hemodialysis patients in the United States.”
The complaint alleges that Rockwell and certain of its officers and directors (“Defendants”) misrepresented and/or failed to disclose that: (1) the primary product offering for Triferic will be in a powder packet packaging, which the FDA has not yet approved; (2) Rockwell is seeking to obtain transitional add-on payment reimbursement for Triferic with the Centers for Medicare and Medicaid Services instead of bundled reimbursement; and (3) as a result, Defendants’ statements about the Company’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis.
The Class Period ends on February 29, 2016, when Rockwell released fourth quarter results that were well below expectations due to “immaterial” sales of Triferic. The Company explained that it was still awaiting FDA approval of a powder packet form of Triferic, and that this unapproved packaging—not the already approved ampule version—was in fact intended to be the “primary product offering” of Triferic. The price of Rockwell shares fell from $9.60 to $6.31 on March 1.
Cohen Milstein encourages all investors who purchased Rockwell common stock between September 9, 2015 and February 29, 2016, or former employees with information concerning this matter to contact the firm.
If you are a Rockwell shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at stoll@cohenmilstein.com. If you wish to serve as lead plaintiff, you must move the Court no later than May 6, 2016 to request appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud, and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over two billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Ryan Marchbank
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
Suite 500 East
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: stoll@cohenmilstein.com; rmarchbank@cohenmilstein.com
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