NEW YORK, July 18, 2018 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, is investigating potential securities fraud claims on behalf of shareholders of Rockwell Medical, Inc. (“Rockwell” or the “Company”) (NASDAQ: RMTI ) resulting from allegations that Rockwell and/or its executives may have issued materially misleading business information to the investing public.
If you purchased Rockwell securities, and/or would like to discuss your legal rights and options, please visit Rockwell Medical Shareholder Investigation or contact Daniel Sadeh toll free at (877) 779-1414 or dsadeh@bernlieb.com.
On June 27, 2018, Rockwell announced the resignation of its auditor, effective immediately. Rockwell further disclosed a letter addressed from its former auditor to Rockwell. The auditor’s letter claims, among other things, that the estimated reserves in Rockwell’s Form 10-Q for the period ended March 31, 2018 (“1Q 10-Q”) are misstated and have not been corrected, there was a material weakness in Rockwell’s internal controls over financial reporting, the signed certifications of Robert L. Chioini, the former President and CEO of Rockwell, and Thomas E. Klema, the former CFO of Rockwell, of the 1Q 10-Q pursuant to the Sarbanes-Oxley Act of 2002 were “inconsistent with the facts in existence at the time of filing,” and statements within the 1Q 10-Q “regarding the status of Rockwell’s request for separate reimbursement with CMS and the prospects for reversal of CMS’s decisions,” “should be clearer and more transparent.”
On this news, shares of Rockwell fell $0.85 per share, or over 16%, over two consecutive trading days to close at $4.41 per share on June 28, 2018, damaging investors.
On June 29, 2018, Rockwell issued a press release stating that “it appears that Chioini and perhaps others withheld information regarding Triferic from the Company’s auditor, corporate counsel and five independent directors of the Board.”
If you purchased Rockwell securities, and/or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/rockwell-medic...awsuit-72/ or contact Daniel Sadeh toll free at (877) 779-1414 or dsadeh@bernlieb.com.
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Contact Information Daniel Sadeh Bernstein Liebhard LLP http://www.bernlieb.com (877) 779-1414 dsadeh@bernlieb.com
