Laidlaw & Company Ltd is a firm involved with wealth management and investment banking services to individuals and institutions in the UK and US. Some of its services include placement of mezzanine capital and debt with institutional investors; raising capital by placing equity with high net worth and institutional investors; arranging national exchange listings, and acquisition financing. Their services also include advisory services on divestitures, acquisitions, and fairness opinions.
On Dec 9 2015, Relmada Therapeutics Inc. filed a suit against Laidlaw & Company and its main principals- James Ahern and Mathew Eitner. Laidlaw served previously as Relmada’s investment banker. Laidlaw sought to gain control over the company by using confidential information and shares acquired from services it offered Relmada. Laidlaw and its top management are notorious for breaching U.S. financial rules and regulations, resulting in numerous complaints by customers, monetary penalties, and regulatory sanctions. In the case involving Relmada, the principles of the company are accused of breaching U.S. regulations and laws, including spreading false and misleading information as an attempt to take control of Relmada. According to claims by Relmada, Laidlaw violated the Securities and Exchange Commission regulations, Nevada laws, and Relmada’s bylaws. Relmada aims to block Laidlaw from continuing to spread misleading information and soliciting proxies under false pretenses.
Relmada Amends its Claims Against Laidlaw
In January this year, Relmada filed a motion seeking to modify its complaint against Laidlaw & Company Ltd. The amended complaint features a further legal claim that Laidlaw breached its fiduciary duty by disclosing confidential information which it had access to due to its role as the firm’s investment banker. Relmada seeks to be awarded monetary damages because of the costs and fees accrued as a result of Laidlaw’s misleading and false proxy materials. The Nevada court recently issued an injunction and restraining order against Laidlaw and its top management, James Ahern, and Mathew Eitner, due to their dissemination of misleading and false proxy materials.