The Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of HeartWare International, Inc. Investors
January 29, 2016 | By Business Wire News
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 firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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