Relmada Therapeutics, Inc. (OTCQB: RLMD) Files Motion to Amend Complaint against Laidlaw & Company (UK) Ltd.

In a motion filed in U.S. District Court for the District of Nevada, Relmada Therapeutics, Inc. (OTCQB: RLMD) (Relmada) has moved to amend its Complaint against the defendant Laidlaw & Company (UK) Ltd. (Laidlaw)and its Chief Executive Officer, Matthew D. Eitner and Managing Partner, James P. Ahern.

The Amended Complaint states that Laidlaw breached its fiduciary duty to Remalda by disclosing confidential information about Relmada which it had acquired while serving as Relmada’s investment banker. Relmada is also seeking to recover costs it sustained responding to a false and misleading statements in proxy materials filed by Laidlaw during Laidlaw’s attempt to take control of Relmada.

As a fiduciary Laidlaw owed Relmada the highest degree of care. That degree of care required Laidlaw to put Relmada’s interests above their own. Instead of fulfilling its fiduciary duty Laidlaw acted against Relmada’s interest and sought to advance its own. As a result of Laidlaw’s actions Relmada’s NASDAQ listing was materially and adversely affected.

Matthew Eitner, James Ahern and Laidlaw have a long history of unethical conduct as investment bankers. In particular, they have been sanctioned on numerous occasions for willful violations of securities laws. According to the Financial Industry Regulatory Authority (FINRA) an independent, not-for-profit organization authorized by Congress to protect America’s investors, Laidlaw has also entered into a letter of acceptance, waiver and consent pursuant to which Laidlaw admitted having created and distributed misleading, exaggerated and incomplete communications with the public. The State of Connecticut has also sanctioned Laidlaw for having filed false and misleading reports to the Bank Commissioner and violating Connecticut securities laws.

As these and other instances of malfeasance on the part of Laidlaw have surfaced it has become apparent that Laidlaw cannot be trusted to act in a way that benefits its clients. Instead, it has become apparent that Laidlaw only seeks its own benefits.

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