The Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of HeartWare International, In...
January 29 2016 - 12:08PM
Business Wire
Law Offices of Howard G. Smith announces that a class action
lawsuit has been filed on behalf of investors who purchased
HeartWare International, Inc. (“HeartWare” or the “Company”)
(NASDAQ: HTWR) securities between June 10, 2014 and January 11,
2016, inclusive (the “Class Period”). Investors who suffered
losses on their investment in HeartWare securities are encouraged
to contact the Law Offices of Howard G. Smith to discuss their
legal rights in this class action.
On September 9, 2015, the Company reported that it had “paused
its MVAD clinical trial to address an MVAD controller manufacturing
process issue.” Then on October 13, 2015, the Company reported
certain adverse events in clinical trials of the Company’s MVAD
products, and stated that the MVAD clinical trials may not be
re-initiated. Finally, on January 11, 2016 the Company disclosed
that problems with MVAD had resulted in serious adverse events in
nearly half of the patients so far implanted with the device and
that the trial would be delayed indefinitely. Following each of the
above disclosures the Company’s shares declined sharply in
value.
The complaint alleges that during the Class Period, HeartWare
and certain of its senior executives violated provisions of the
Exchange Act by making numerous false and misleading statements and
omissions of material fact, including in press releases and in
statements during conferences and conference calls with analysts
and investors. Specifically, the complaint alleges that after the
U.S. Food and Drug Administration ("FDA") issued a Warning Letter
identifying numerous manufacturing and other regulatory failures at
the Company's sole manufacturing facility, Defendants falsely
assured investors that the Company had addressed those problems,
and that they therefore posed no risk to the clinical trials or
timely approval of MVAD, a pump that HeartWare is presently
developing.
If you purchased shares of HeartWare during the Class Period you
may move the Court no later than March 22, 2016 to ask the
Court to appoint you as lead plaintiff if you meet certain legal
requirements. To be a member of the Class you need not take any
action at this time; you may retain counsel of your choice or take
no action and remain an absent member of the Class. If you wish
to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike,
Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, toll-free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20160129005780/en/
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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