There are investment companies that know how to handle their business in the proper manner. On the other hand, a handful of others like cutting corners, and this ends up reflecting poorly on them. Laidlaw is a London based investment bank that has been in the headlines for quite a number of times, albeit for the wrong reasons. The latest controversy the company is courting is a deal gone badly with their client, Remalda Therapeutics.
In 2014, Remalda therapeutics hired Laidlaw to act as their investment banker. The companies had a good business relationship until things stopped working. When they did, Remalda tried to cut ties with Laidlaw. Laidlaw then proceeded to give out material that attacks and puts into disrepute the character of the clinical stage company to the public. As a result, the company has been forced to sue Laidlaw and in addition to the original charges, they are now seeking for fiduciary due to the damage occasioned by the leaked information.
As mentioned, this is not the first time that Laidlaw and the people at the top of its leadership, Mathew Eitner and James Ahern have been caught with their pants down. A few years ago, there were massive complaints from clients about the service delivery. The strange thing is that the company seemed completely unmoved by the complaints and it took the intervention of FINRA and financial Sanctions to bring things back to order. The fact that the company keeps getting into these recurrent issues really makes one have doubts about the character, especially of the people at the top leadership of the company.
Remalda on the other hand has stated that they are looking into all the legal options they have in resolving the problem. They have already written to their clients and informed them about the lawsuit. They expect that there will be intervention and that the issue will be put to rest before they suffer any further financial damages.