STEVENSON, Md., Aug. 20, 2018 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of New York on behalf of purchasers of Rockwell Medical, Inc. (Nasdaq: RMTI) (“Rockwell” or the “Company”) securities during the period between March 16, 2018 and June 26, 2018, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until September 25, 2018 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Rockwell securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Rockwell was aware that the Centers for Medicare and Medicaid Services will not pursue Rockwell’s proposal for separate reimbursement for Triferic, that the estimated reserves in Rockwell’s Form 10-Q for the quarter ended March 31, 2018 are misstated, that there was a material weakness in Rockwell’s internal control over financial reporting, and that the former Chief Executive Officer (“CEO”) of Rockwell withheld material information regarding Triferic from Rockwell’s auditor, corporate counsel and five independent directors of Rockwell’s Board.
According to the complaint, following a May 10, 2018 filing announcing that the Company received a letter from the Securities and Exchange Commission requesting certain information with respect to the status of CMS’s determination of separate reimbursement status for Triferic, a May 22, 2018 announcement that the CEO has been terminated, a May 23, 2018 NASDAQ announcement that the trading of the Company’s stock has been halted, a May 23, 2018 press release announcing the circumstances of the termination, and a June 27, 2018 filing revealing the resignation of the Company’s auditor, the value of Rockwell shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Rockwell securities purchased on or after March 16, 2018 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
