Laidlaw and Company in addition to its principals, Matthew Eitner and James Ahern were issued a temporary restraining order to prevent the dissemination of false and misleading proxy materials regarding the interests of Remalda Therapeutics, Inc. This order was to expire on December 22, 2015. In an effort to protect the Laidlaw stockholders’ interests, the U.S. Federal Court in the District of Nevada issued the order, stalling its takeover attempts.
Laidlaw is an English investment brokerage firm with a history of violations against U.S. financial regulations. As such there have been numerous customer complaints, monetary penalties and regulatory sanctions lodged against them over the years. Because Laidlaw once served as the brokerage firm for Remalda, it gained access to information it is now distorting in an effort to sabotage Remalda Therapeutics.
Remalda is a publicly traded clinical-stage company that develops therapies for the treatment of chronic pain. Their product portfolio includes the drug BuTab and Remalda would prefer to focus on its line of drugs rather than fighting over the control of the company. That is the main reason, they’ve asked the courts to restrict Laidlaw’s take over efforts.
That plus fearing the dissemination of false information could only hurt the shareholder’s interests. Laidlaw and its principals have been ordered to retract false and misleading information. The courts also demanded that the untrue proxy materials stop being issued. Each move is an attempt to restore Remalda to its original condition in the public eye.
Remalda currently has four lead drugs: d-Methadone, topical mepivacaine, oral buprenorphine and LevoCap ER. The company’s development of these drugs is guided by internationally recognized scientific expertise of its research and development team. As of December, 2015 it will also present its stockholders meeting. This shortly after the restraining order expires, giving Laidlaw little opportunity to disrupt the company further.