Laidlaw & Company, an investment firm based in the U. K, has been issued with a restraining order and an associated injunction from the United States Federal Court. Laidlaw has been releasing false information regarding Relmada Therapeutics, Inc. Relmada is a clinical company based in the development of novel therapies for treating chronic pain.
Laidlaw’s principals, Matthew Eitner and James Ahern, personally received official communication regarding this sensitive matter. Laidlaw has a history of violating U.S. financial regulations, which has resulted in monetary penalties, customer complaints and regulatory injunctions. Relmada had previously hired Laidlaw as its investment banker.
Sergio Traversa, the CEO of Relmada welcomed the injunction news and reiterated how happy he was that the Court had intervened. In addition such malpractices from Eitner and Ahern had negatively impacted the company’s uplisting to NASDAQ. Remalda can now focus on improving the company’s product portfolio.
Services Offered By Laidlaw & Company
Laidlaw is an investment banking and brokerage enterprise that offers dynamic investment advice and competent execution to public and private institutions. In addition, the firm also represents high net worth investors. Its banking services focus on capital raising, equity placement with high net worth retail investors, arranging national exchange listings, initial public offerings and finance acquisition.
As competent as they may sound, the firm has been plagued with numerous scandals over the years. For instance, Leonard V Gallick has dominated headlines for the wrong reasons. Gallick still has other pending court cases while working at different firms.
Gallick, an employee with twenty years’ experience in the securities industry has received several complaints from customers. In 2013, Gallick was accused of making unauthorized transactions. The client successfully sued and received $350,000 from the company.
I find it hard to understand why a company such as Laidlaw would hire such an individual based on his past track record. The decision to hire Gallick was reckless and has now tarnished their reputation. The company needs to do damage control as soon as possible and avoid further embarrassment.