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Rockwell Medical Inc (NASDAQ: RMTI) Investor Securities Class Action Lawsuit 03/04/2016

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Lawsuit Overview

Case Dismissed
Company
Rockwell Medical Inc
Security
NASDAQ: RMTI

Case Name
Rockwell Medical Shareholder Class Action Lawsuit 03/04/2016
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

March 30, 2018 - The court granted defendants' motion to dismiss.

January 6, 2017 - A motion to dismiss the second amended consolidated complaint was filed.

November 21, 2016 - A second amended consolidated complaint was filed.

July 26, 2016 - An amended consolidated complaint was filed.

March 4, 2016 - An investor in shares of Rockwell Medical Inc (NASDAQ: RMTI) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Rockwell Medical Inc in connection with certain allegedly false and misleading statements made between September 9, 2015 and February 29, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Rockwell Medical Inc (NASDAQ: RMTI) common shares between September 9, 2015 and February 29, 2016, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between September 9, 2015 and February 29, 2016 the defendants issued false and misleading statements to investors and/or failed to disclose that the primary product offering for Triferic will be in a powder packet packaging, which the FDA has not yet approved, that Rockwell Medical is seeking to obtain transitional add-on payment reimbursement for Triferic with the Centers for Medicare & Medicaid Services instead of bundled reimbursement, and that as a result, defendants’ statements about Rockwell Medical’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. Rockwell Medical Inc reported that its annual Total Revenue rose from $49.84 million in 2012 to $54.19 million in 2014 and that its Net Loss declined from $54.02 million to $21.33 million in 2014. Shares of Rockwell Medical Inc (NASDAQ: RMTI) reached as high as $18.01 per share in July 2015.

On September 9, 2015, Rockwell Medical Inc announced the U.S. commercial launch of Triferic, a FDA approved iron product indicated to replace iron and maintain hemoglobin in hemodialysis patients in the United States.

Then on February 29, 2016, Rockwell Medical Inc’s CFO Tom Klema disclosed to investors on a conference call after the market closed that sales of Triferic were “immaterial” for 2015. Shares of Rockwell Medical Inc (NASDAQ: RMTI) declined on March 2, 2016, to as low as $5.80 per share.

On March 4, 2016, NASDAQ: RMTI shares closed at $6.91 per share.