Laidlaw’s Undesired Situation with an Amended Legal Motion

Relmada Therapeutics, a clinical-stage corporation developing novel therapies for the treatment of chronic pain, recently announced that it had filed a case to modify its grievance against Laidlaw & Company (UK) Ltd. The company had previously filed a case at the Nevada District Court and this motion was to amend it.

The current amendment includes a legal claim against Laidlaw’s breach of the fiduciary duty due to its actions of disclosing confidential intelligence since they were the Company’s investment banker. It is also seeking financial damages that they incurred while responding to Laidlaw’s misleading and false proxy materials in December 2015.

Nevada court had previously issued a brief restraining order and an injunction towards Laidlaw’s principles. James Ahern and Matthew Eitner are the directors of the company and are the ones responsible. Relmada’s Board of manager’s belief that they should be compensated for the damages and the responsible people be prevented from causing future harm. The company decided to write a letter to their clients to inform them about their actions.

Laidlaw is a firm that has a history of violating federal and state securities and financial regulations. This includes;

• Between 2007 and 2009, Laidlaw received more than 60 customer complaints and claims for damages, and Laidlaw was sanctioned by FINRA for inadequate reporting of certain of such complaints.
• It failed to implement and establish adequate policies relating compliance with regulations and rules concerning anti-money laundering.
• Failed to create straightforward policies relating email retention.
• They distributed and created exaggerated, misleading and incomplete communications with the public.
• Failed to maintain checks received and forwarded blotter.

James Ahern has been the Head of Capital Markets and Managing Partner of Laidlaw for more than thirty-six years. Mr. Ahern’s listed his education background as having studied at Assumption College from September 1998 to September 2002, but records say that he attended it from January 1999 to September 2000.