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CorMedix Inc. announced that the U.S. District Court for the District of New Jersey granted preliminary approval of a…
CRMDCorMedix Inc.
CorMedix Inc. announced that the U.S. District Court for the District of New Jersey granted preliminary approval of a proposed settlement resolving consolidated shareholder derivative lawsuits alleging breach of fiduciary duties and misleading statements regarding FDA approval delays for DefenCath during the relevant period from October 2019 to August 2022. The settlement requires CorMedix to implement corporate governance reforms, including establishing a disclosure committee and enhancing the Nominating and Governance Committee's oversight role, which must be maintained for at least three and a half years. Plaintiffs' counsel may petition the court for attorneys' fees and expenses not exceeding $3,900,000, payable by CorMedix upon final approval. A final settlement hearing is scheduled for September 23, 2026. CorMedix Inc. operates in the biopharmaceutical industry, focusing on developing and commercializing therapeutic products for life-threatening diseases.