SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of investors who purchased or otherwise acquired the common stock of HeartWare International, Inc. (“HeartWare” or the “Company”) (Nasdaq: HTWR) between June 10, 2014 and January 11, 2016, inclusive (the “Class Period”).
If you purchased HeartWare common stock during the Class Period, you may move the Court for appointment as lead plaintiff by no later than March 22, 2016. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
HeartWare investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the HeartWare Securities Class Litigation
HeartWare International, Inc. is a medical device developer and manufacturer specializing in small implantable heart pumps. The action alleges that, throughout the Class Period, HeartWare and certain of its senior executives falsely claimed to have addressed numerous manufacturing and other regulatory failures identified in a Warning Letter from the U.S. Food and Drug Administration (“FDA”). HeartWare assured investors that it 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 developing.
On September 1, 2015 HeartWare disclosed the acquisition of medical device manufacturer Valtech Cardio, Ltd. in which the Company revealed major problems that would impede the advancement of MVAD’s approval. On this news, HeartWare’s stock fell $16.99 per share, or 20.77%, from its closing price on September 1, 2015 to close at $64.82 on September 2, 2015.
On September 9, 2015 HeartWare announced that it was stopping enrollment in the MVAD trial due to a manufacturing issue with the device. On October 12, 2015 HeartWare disclosed that patients in the MVAD trial had suffered adverse events and that the trial would be further delayed. On this news, HeartWare shares fell nearly 30% per share from its closing price of $50.07 on October 9, 2015 to close at $35.21 on October 13, 2015. On January 11, 2016, HeartWare admitted that problems with MVAD had resulted in major problems in nearly half the patients in the trial who had been implanted with the device and that the trial would be suspended until further notice. HeartWare shares dropped over 35%, from $40.84 on January 11, 2016, to close at $26.50 per share on January 12, 2016, on exceptionally high trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for thirteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Best Lawyers and U.S. News have named Lieff Cabraser as a “Law Firm of the Year” for each year the publications have given this award to law firms.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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