Glancy Prongay & Murray LLP (GPM) reminds investors of the September 25, 2018 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Rockwell Medical, Inc. (Rockwell or the Company) (NASDAQ: RMTI) securities between November 8, 2017, and June 26, 2018, inclusive (the Class Period).
If you are a shareholder who suffered a loss, click here to participate.
On June 27, 2018, Rockwell disclosed that its auditor resigned, and that the auditor claimed, among other things, that the estimated reserves in Rockwells Form 10-Q for the period ended March 31, 2018 were incorrect.
On this news, Rockwells share price fell $0.85, or more than 16%, to close at $4.41 on June 28, 2018, thereby injuring investors.
The Complaint filed in this class action alleges that the Company made false and misleading statements to the market. Specifically, the complaint alleges that Rockwell Medical had knowledge that the Centers for Medicare and Medicaid Services would not pursue the Company’s plan for reimbursement for Triferic; the Companys estimated reserves on form 10-Q for the quarter ending March 31, 2018, were misstated; the Company suffered from material weakness in controls for financial reporting; and that Robert L. Chioini, Rockwell’s former Chief Executive Officer, failed to inform the Companys auditors, corporate counsel, and independent board members with important information about Triferic.
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If you purchased shares Rockwell during the Class Period you may move the Court no later than September 25, 2018 to ask the Court to appoint you as lead. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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