On September 10, 2018, Pomerantz LLP was appointed Co-Lead Counsel in a class action lawsuit filed against Rockwell Medical, Inc. and certain of its officers.
The investigation concerns whether Rockwell and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On May 22, 2018, Rockwell announced the termination of its President and Chief Executive Officer ("CEO"), Robert Chioini, effective immediately. Subsequently, on May 23, 2018, a letter to shareholders was published on behalf of Mr. Chioni, explaining that Mr. Chioini had called an emergency Board meeting on May 22, 2018 for the purpose of discussing a shareholder demand letter which alleged breaches of fiduciary duties and other possible violations of securities and other laws by various Rockwell directors, and that those directors whose conduct was the subject of the alleged breaches of fiduciary duties asserted that they voted to fire Mr. Chioini. The letter further stated that Mr. Chioini "continues to serve as the CEO consistent with the terms of his employment agreement." Trading in Rockwell's shares was halted on May 23, 2018. Rockwell's shares resumed trading on May 25, 2018 and fell sharply during intraday trading.