The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Rockwell Medical, Inc. (NASDAQ: RMTI) who purchased shares between November 8, 2017 and June 26, 2018. The action, which was filed in the United States District court for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the RMTI lawsuit alleges that (1) Rockwell was aware that The Centers for Medicare and Medicaid Services will not pursue Rockwell’s proposal for separate reimbursement for the drug Triferic; (2) the estimated reserves in the first quarter 2018 10-Q are misstated; (3) there was a material weakness in Rockwell’s internal controls over financial reporting; (4) consequently, Rockwell’s internal controls over financial reporting were ineffective during the Class Period; (5) Defendant Chioini withheld material information regarding Triferic from Rockwell’s auditor, corporate counsel and five independent directors of the Board; and (6) as a result, Defendants’ statements about the Company’s business, operations and prospects were materially false and misleading and/or lacked reasonable bases at all relevant times.
Shareholders have until September 25, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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