On or around 02/26/2020 (Date of order of final judgment)
Filing Date: July 27, 2018
According to the Complaint, Rockwell Medical, Inc. ("Rockwell" or the "Company") operates as an integrated biopharmaceutical company targeting end-stage renal and chronic kidney diseases in the United States and internationally.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Rockwell was aware that the Centers for Medicare and Medicaid Services will not pursue Rockwell’s proposal for separate reimbursement for Triferic; (2) the estimated reserves in Rockwell’s Form 10-Q for the quarter ended March 31, 2018 are misstated; (3) there was a material weakness in Rockwell’s internal control over financial reporting; (4) consequently, Rockwell’s internal control over financial reporting was ineffective during the Class Period; (5) the 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 (6) 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.
On October 10, 2018, the Court issued an Order consolidating cases and appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed a consolidated amended Complaint on December 10. The Court consolidated cases on May 16, 2019. On August 6, the parties entered into a Stipulation and Agreement of Settlement. On February 26, 2020, the Court granted final approval of the Settlement and entered Final Judgment.
Company & Securities Information
Defendant: Rockwell Medical, Inc.
Industry: Major Drugs
Headquarters: United States
Ticker Symbol: RMTI
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Ah Kit Too, et al. v. Rockwell Medical, Inc., et al.