NEW YORK, May 19, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Relmada Therapeutics, Inc. (NYSE: RLMD), and Sanmina Corporation (NASDAQ: SANM). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Relmada Therapeutics, Inc. (NYSE: RLMD)
Before market opened on October 13, 2022, Relmada announced the results of its RELIANCE III study (REL-1017-303), evaluating the drug REL-1017 as a monotherapy for Major Depressive Disorder (MDD). Relmada revealed that the RELIANCE III trial did not achieve its primary endpoint, which was a statistically significant improvement in depression symptoms compared to placebo on Day 28, as measured by the Mongomery-Asberg Depression Rating Scale (MADRS). Specifically, the REL-1017 treatment showed a MADRS reduction of 14.8 points at Day 28 versus 13.9 points for placebo, a higher-than-expected placebo response. Relmada described that “[p]aradoxical results were observed in certain study sites, where placebo dramatically outperformed REL-1017.”
Following this news, Relmada’s stock price fell nearly 80% to close at $6.48 per share on October 13, 2022.
For more information on the Relmada investigation go to: https://bespc.com/cases/RLMD
Sanmina Corporation (NASDAQ: SANM)
On May 11, 2023, Sanmina disclosed in a filing with the U.S. Securities and Exchange Commission ("SEC") that "[d]uring the preparation of its unaudited consolidated financial statements for the fiscal quarter ended April 1, 2023, the Company determined that certain personnel in the division had failed to properly substantiate and update cost estimates for materials and other costs over the life of certain contracts." Accordingly, following "an independent investigation under the direction of the Audit Committee of the Company's Board of Directors," the Company had determined that "revenue was over/(understated) by approximately $10.2 million, $18.3 million, ($29.1 million), and $5.6 million, and GAAP earnings per share was over/(understated) by approximately $0.09, $0.29, $0.25, and ($0.06) in the fiscal years ended October 3, 2020, October 2, 2021 and October 1, 2022, and the first fiscal quarter ended December 31, 2022, respectively (collectively, the ‘Affected Periods')." Sanmina also disclosed that "[t]he associated interim periods for the Affected Periods were also impacted. Because these misstatements are material to the Affected Periods compared to the previously reported results of operations for such periods, on May 10, 2023, the Audit Committee concluded that the consolidated financial statements for the Affected Periods included in the Company's Annual Reports on Form 10-K for the fiscal years ended October 3, 2020, October 2, 2021 and October 1, 2022 and the unaudited condensed consolidated financial statements included in the Company's Quarterly Reports on Form 10-Q for the quarterly fiscal periods included in such fiscal years and for the first fiscal quarter ended December 31, 2022 should no longer be relied upon."
On this news, Sanmina's stock price fell $3.05 per share, or 5.7%, to close at $50.50 per share on May 12, 2023.
For more information on the Sanmina investigation go to: https://bespc.com/cases/SANM
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.