According to the law firm press release, CorMedix is a pharmaceutical company which seeks to license, develop, and commercialize therapeutic products for the prevention and treatment of cardiac, renal, and infectious diseases. The Company markets Neutrolin, a catheter lock solution for the prevention of catheter related bloodstream infections and maintenance of catheter patency in tunneled, cuffed, and central venous catheters used for vascular access in hemodialysis patients. Its product candidate is CRMD004, which is the gel formulation of Neutrolin intended for the treatment of wounds, skin infections, soft tissue infections, and the prevention of catheter exit site infections. The Company was formerly known as Picton Holding Company, Inc. and changed its name to CorMedix Inc. in January 2007.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) CorMedix’s announcements regarding its partnership discussions and imminent Phase 3 trials for its sole product, Neutrolin, were materially false and misleading; (2) clinical studies touted by CorMedix were misleading and overstated Neutrolin’s effectiveness when in fact Neutrolin offers no benefit compared to current industry protocols; (3) CorMedix overstated the cost effectiveness of Neutrolin compared to currently established medical protocols; (4) CorMedix’s market claims for Neutrolin were overstated; (5) CorMedix stock achieved an unsustainable valuation by using paid stock promoters, yet failed to disclose the use of such promoters in its regulatory filings pursuant to Section 17(b) of the Securities Act of 1933; (6) CorMedix insiders enriched themselves at the expense of shareholders by selling stock at inflated prices; and (7) as a result of the foregoing, CorMedix’s public statements were materially false and misleading at all relevant times.
Plaintiffs filed an amended complaint on December 1, 2015.
On October 31, 2016, the Court ordered this case dismissed with prejudice.