Investor Says Biotech Co. Hid Issues Leading To Delays
By Jeannie O'Sullivan (October 13, 2021, 8:21 PM EDT) -- A CorMedix Inc. investor launched a derivative shareholder lawsuit Wednesday, claiming that the biopharmaceutical firm's share value plummeted when the public learned that previously undisclosed manufacturing issues were delaying regulatory approval of its antibacterial product candidate.
In a New Jersey federal court complaint, CorMedix stockholder Melissa Voter accused former CEO Khoso Baluch and the company's directors and officers of misleading investors in press releases, earnings calls and regulatory filings as it sought U.S. Food and Drug Administration approval of DefenCath, a solution to prevent catheter-related infections.
Voter claimed the stock's share price plunged from $15 to $9.02 in March, when the...
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