Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, announces the filing of class action lawsuit against CorMedix Inc. (“CorMedix” or the “Company”) (NASDAQ: CRMD) and certain of its officers and directors alleging violations of federal securities laws. If you purchased CorMedix securities between July 8, 2020 and May 13, 2021, inclusive (the “Class Period”) you are encouraged to contact Scott+Scott attorney Rhiana Swartz at (844) 818-6980 or rswartz@scott-scott.com for additional information.
CorMedix is a biopharmaceutical company that focuses on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases in the U.S. and internationally. The Company is focused on developing its lead product candidate, DefenCath, a purported novel antibacterial and antifungal solution designed to prevent costly and dangerous catheter-related bloodstream infections.
The lawsuit alleges, among other things, that the Company made materially false and/or misleading statements and/or failed to disclose that: (i) deficiencies existed with respect to DefenCath's manufacturing process and/or at the facility responsible for manufacturing DefenCath; (ii) in light of the foregoing deficiencies, the FDA was unlikely to approve the DefenCath NDA for catheter-related bloodstream infections in its present form; (iii) the Company had downplayed the true scope of the deficiencies with DefenCath's manufacturing process and/or at the facility responsible for manufacturing DefenCath; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On March 1, 2021, CorMedix issued a press release “announc[ing] that the [FDA] cannot approve the [NDA] for DefenCath . . . in its present form.” CorMedix informed investors that the “FDA noted concerns at the third-party manufacturing facility after a review of records requested by FDA and provided by the manufacturing facility”; that the “FDA did not specify the issues and CorMedix intends to work with the manufacturing facility to develop a plan for resolution when FDA informs the facility of the specific concerns”; and that, “[w]hen we are informed of the issues, we will schedule an investor conference call to provide an update on our expected timeline for resolution.”
On this news, CorMedix’s stock price fell $5.98 per share, or 39.87%, to close at $9.02 per share on March 1, 2021.
Then, on April 14, 2021, the Company announced that CorMedix would have to take additional steps to meet the FDA’s requirements for DefenCath’s manufacturing process, and that it “may necessitate adjustments in the process and generation of additional data on operating parameters for manufacture of DefenCath.”
On this news, CorMedix’s stock price fell $1.44 per share, or 15.37%, to close at $7.93 per share on April 14, 2021.
What You Can Do
If you purchased CorMedix securities between July 8, 2020 and May 13, 2021, and you wish to discuss this lawsuit, please contact attorney Rhiana Swartz at (844) 818-6980, or at rswartz@scott-scott.com. The deadline to file for lead plaintiff is September 20, 2021.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, Virginia, California, and Ohio.
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Contacts
Rhiana Swartz
Scott+Scott Attorneys at Law LLP
(844) 818-6980
rswartz@scott-scott.com
