Investor Alert: Kaplan Fox Announces Investigation Of Rockwell Medical

NEW YORK, May 24, 2018 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Rockwell Medical, Inc. ("Rockwell Medical" or the "Company") (NASDAQ: RMTI), a biopharmaceutical company targeting end-stage renal disease and chronic kidney disease.

On May 22, 2018 after the market closed, Rockwell Medical announced that the Company's President and Chief Executive Officer, Robert Chioini ("Chioini"), had been terminated, effective immediately, and that its Board of Directors had formed a Special Transition Committee to provide board-level oversight over the Company's strategic direction and day-to-day operations.

However, on May 23, 2018, before the market opened, the Company filed two conflicting Form 8-Ks with the Securities and Exchange Commission (the "SEC").  The first Form 8-K denied that CEO Chioini had been terminated.  The second Form 8-K represented that Chioini had, in fact, been terminated as CEO, and that due to the filing of an unauthorized Form 8-K by Chioini and CFO Thomas Klema ("Klema"), the Board had voted to remove Klema from his roles at the Company at the earliest practicable date.

Following this news, the Nasdaq Stock Market announced a trading halt of Rockwell Medical stock.

Subsequently, and also on May 23, 2018, Chioini issued his own press release again denying that that he had been terminated as CEO and reiterating his version of the events that had transpired, including that the sole purpose of the meeting he alleged to have called on May 22, 2018 was to discuss various allegations of misconduct by Company directors.  Chioini's press release was followed by Chioini's publication of a "Letter to shareholders on behalf of Rob Chioini, President and CEO," once again representing that he continued to serve as CEO.

Following the multiple conflicting reports regarding Chioini's status, Bloomberg published an article stating that "[i]t was hard to tell who is running things over at Rockwell Medical Inc. Wednesday morning" given that the ousted CEO denies being fired.

On May 24, 2018, Rockwell Medical issued a press release again representing that Chioini had been terminated as CEO.  The press release also disclosed that the Company had filed a complaint against Chioini seeking, among other things, a temporary restraining order to enjoin Chioini from holding himself out as the CEO of Rockwell Medical.

If you are an investor in Rockwell Medical securities and would like to discuss our investigation, please contact us by emailing [email protected] or by calling 800-290-1952. 

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.  If you have any questions about this Notice, the action, your rights, or your interests, please contact:

Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: [email protected]

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California  94104
(415) 772-4700
Fax:  (415) 772-4707
E-mail: [email protected]

SOURCE Kaplan Fox & Kilsheimer LLP

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