A lawsuit was filed on behalf of investors in Rockwell Medical, Inc. (NASDAQ: RMTI) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 08/14/2018 -- An investor, who purchased shares of Rockwell Medical, Inc. (NASDAQ: RMTI), filed a lawsuit over alleged Securities Laws violations by Rockwell Medical, Inc. in connection with certain allegedly false and misleading statements.
Investors, who purchased shares of Rockwell Medical, Inc. (NASDAQ: RMTI), have certain options and for certain investors are short and strict deadlines running. Deadline: September 25, 2018. NASDAQ: RMTI investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff claims that between March 16, 2018 and June 26, 2018, the Defendants' made false and/or misleading statements and/or failed to disclose that: Rockwell was aware that the Centers for Medicare and Medicaid Services will not pursue Rockwell's proposal for separate reimbursement for Triferic, that the estimated reserves in Rockwell's Form 10-Q for the quarter ended March 31, 2018 are misstated, that there was a material weakness in Rockwell's internal control over financial reporting, that consequently, Rockwell's internal control over financial reporting was ineffective between March 16, 2018 and June 26, 2018, that Robert L. Chioini, former Chief Executive Officer of Rockwell, withheld material information regarding Triferic from Rockwell's auditor, corporate counsel and five independent directors of Rockwell's Board, and that as a result, Defendants' statements about Rockwell's business, operations and prospects were materially false and misleading and/or lacked reasonable bases at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On May 22, 2018, Rockwell Medical, Inc announced that the Company's President and Chief Executive Officer, Robert Chioini, had been terminated from his positions, effective immediately.
However, on May 23, 2018, a letter to shareholders was published on behalf of Mr. Chioini explaining that Mr. Chioini had called an emergency Board meeting for the purpose of discussing alleged breaches of fiduciary duties and other possible violations of securities laws by various directors the Company, and that those directors whose conduct was the subject of the alleged breaches of fiduciary duties voted to fire Mr. Chioini.
Those who purchased shares of Rockwell Medical, Inc. (NASDAQ: RMTI) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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