MRO Magazine

Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of HeartWare International, Inc. Investors


January 25, 2016
By Business Wire News

LOS ANGELES

Glancy Prongay & Murray LLP (“GPM”) announces the filing of a class action lawsuit 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”). HeartWare investors have until March 22, 2016 to file a lead plaintiff motion. Investors who suffered losses on their investment in HeartWare securities are encouraged to contact Lesley Portnoy, Esq. 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, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Glancy Prongay & Murray, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com