Remalda Therapeutics is a leader in the pharmaceutical industry, manufacturing several novel medications for the treatment of chronic pain; however, in recent years the company has been struggling to stay afloat in the competitive biotech and pharmaceutics industry. Recently, the company announced that they were filing a lawsuit against Laidlaw, a company who was supposed to act as a fiduciary on behalf of Remalda. A fiduciary is someone who is legally required to act in the best interests of their client. The lawsuit accused Laidlaw of violating its fiduciary duty to Remalda. The lawsuit has since been amended to describe that Laidlaw further violated its fiduciary duty when it gave Remalda information that led to negative consequences for the company. The lawsuit seeks financial reward as compensation for damages suffered at the hands of this violation of fiduciary duty.
Laidlaw is a very large legal firm led by Matthew Eitner and James Ahern. They have offices all over the world; however I find their track record of customer complaints and legal battles to be quite troubling. For example, from the years 2007 to 2009, Laidlaw was the subject of more than 60 customer complaints. Many of these complaints also sought financial reward as compensation for damages to the clients. In addition, Laidlaw was sanctioned by FINRA on multiple occasions for such complaints. In addition, the head of Laidlaw, has also had multiple complaints made specifically against him. All of these complaints resulted in financial payment to the accuser as compensation for damages. In addition, these allegations included major violations such as failure to uphold fiduciary duty, breach of contract, literal fraud, and making trades in customer accounts without their knowledge. In addition, the state of New York even filed tax liens against him. Laidlaw has developed a negative track record of violation of securities laws that everyone should avoid.