NEW YORK, Feb. 8, 2016 /PRNewswire/ -- Faruqi & Faruqi,
LLP, a leading national securities law firm, reminds investors in
HeartWare International, Inc. ("HeartWare" or the "Company")
(NasdaqGS:HTWR) of the March 22, 2016
deadline to seek the role of lead plaintiff in a federal securities
class action lawsuit filed against the Company and certain
officers.
The lawsuit has been filed in the U.S. District Court for the
Southern District of New York on
behalf of all those who purchased HeartWare common stock from
June 10, 2014 through January 11, 2016 (the "Class Period"). The
case, St. Paul Teachers' Retirement Fund Association v.
HeartWare International, Inc. et al., No. 1:16-cv-00520, was
filed on January 22, 2016 and has
been assigned to Judge Louis L.
Stanton.
The lawsuit focuses on whether the Company and its executives
violated federal securities laws by falsely assuring investors that
the Company had resolved problems identified in a Warning Letter
from the U.S. Food and Drug Administration ("FDA").
Specifically, the lawsuit alleges that in June 2014 the FDA listed numerous manufacturing
and regulatory failures at the Company's sole manufacturing
facility. Thereafter, defendants repeatedly assured investors
throughout the Class Period that the Company was adequately
addressing the issues identified in the Warning Letter, and that
they posed no risks to the timely approval of HeartWare's MVAD, an
implantable heart pump. On September
9, 2015, however, HeartWare disclosed that it was halting
enrollment in the MVAD clinical trial because of a manufacturing
problem with the device.
Then, on October 12, 2015,
HeartWare disclosed that patients in the MVAD trial had suffered
adverse events, and that the trial would be further delayed.
Finally, on January 11, 2016,
the Company revealed that problems with MVAD caused serious adverse
events in nearly half of the patients so far implanted with the
device, and that the trial would be delayed indefinitely.
Throughout this period, HeartWare's share price fell from its
Class Period high of $94.47 on
April 10, 2015, to close at
$26.50 per share on January 12, 2016—a nearly 72% drop.
Request more information now by clicking here:
www.faruqilaw.com/HTWR. There is no cost or obligation to
you.
Take Action
If you invested in HeartWare securities from June 10, 2014 through January 11, 2016, and would like to discuss your
legal rights, visit www.faruqilaw.com/HTWR. You can also
contact us by calling Richard
Gonnello toll free at 877-247-4292 or at 212-983-9330 or by
sending an e-mail to rgonnello@faruqilaw.com. Faruqi &
Faruqi, LLP also encourages anyone with information regarding
HeartWare's conduct to contact the firm, including whistleblowers,
former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the
largest financial interest in the relief sought by the class that
is adequate and typical of class members who directs and oversees
the litigation on behalf of the putative class. Any member of
the putative class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member. Your ability to share in any
recovery is not affected by the decision of whether or not to serve
as a lead plaintiff.
Attorney Advertising. The law firm responsible for this
advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com).
Prior results do not guarantee or predict a similar outcome
with respect to any future matter. We welcome the opportunity
to discuss your particular case. All communications will be
treated in a confidential manner.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello,
Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
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