Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against Heartware International, Inc.
Oklahoma City, OK (January 26, 2016) – On January 22, 2016, a securities class action lawsuit was filed in the United States District Court for the Southern District of New York against Heartware International, Inc. (NASDAQ: HTWR). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is June 10, 2014 through January 11, 2016. More specifically, this litigation was filed because on June 20, 2014, the Company assured investors that it had adequately addressed numerous manufacturing and other regulatory failures with its sole manufacturing facility which had been identified by the FDA in a Warning Letter dated June 2, 2014, and that those failures posed no risk to timely MVAD approval. On January 11, 2016, the Company confirmed that nearly half of all patients in the MVAD trial had suffered “serious adverse events” as a result of software issues with MVAD, including significant blood clotting problems. The Company announced that it would indefinitely delay the MVAD trial and that a redesign of MVAD requiring an entirely new MVAD trial may be required. On this news, Heartware shares declined from $40.84 per share to close at $26.50 per share on January 12, 2016.
Plaintiff seeks to recover damages on behalf of all Heartware International, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Tuesday, March 22, 2016 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to firstname.lastname@example.org, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.
Posted on Tue, January 26, 2016
by Robin Hester filed under