It seems that Laidlaw has bitten off more than it can chew. Relmada Therapeutics recently amended their complaint to the investment and brokerage firm. They include even further charges against Laidlaw in Nevada. Relmada succeeded in including both the failure of fiduciary duty as well as fees associated with damages to their list of complaints against Laidlaw. Relmada’s success in the past year should have yielded higher stock prices. Yet its stocks have declined because of Laidlaw’s consultations.
Laidlaw and Co has had a losing streak for awhile, with more that 60 complaints under its belt to date. Laidlaw showed a failure to establish and implement adequate policies concerning anti-money laundering. They also had a failure to report customer complaints and monetary damages. Finally, Laidlaw created and distributed misleading, exaggerated and incomplete communications with the public. Principals James Ahern and Matthew Eitner have interesting backgrounds. James claimed he graduated from Assumption College in 2002. However, official college records don’t show him attending past the year 2000. He holds no degree, and at 36 years old, he has little experience to run a major investment and brokerage firm. Matthew Eitner doesn’t fare much better. This 38-year-old with a B.S. in criminal justice has no business working with a pharmaceutical company. Matthew has zero experience on healthcare, pharmaceutical and biotechnology business. Why then is he managing the investments of Relmada? It’s not a surprise that there are problems between these two companies. This is a warning to anyone investing in a company using Laidlaw: expect some drawbacks if you use this firm.