STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of HeartWare International, Inc. (Nasdaq: HTWR) (“HeartWare” or the “Company”) common stock during the period between June 10, 2014 and January 11, 2016, inclusive (the “Class Period”). Investors with losses in excess of $100,000 who wish to become proactively involved in the litigation have until March 22, 2016 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in HeartWare common stock purchased on or after June 10, 2014 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at email@example.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company common stock during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period the existence of manufacturing and other regulatory failures at the Company’s sole manufacturing facility that remained unaddressed despite having otherwise assured investors after the issuance of a warning letter by the U.S. Food and Drug Administration (“FDA”) identifying those problems.
According to the complaint, following the September 1, 2015 Company announcement of a highly dilutive acquisition of Valtech Cardio, Ltd. (a manufacturer of medical devices used to treat heart disease), the September 9, 2015 Company disclosure that it was halting enrollment in the MVAD trial because of a manufacturing problem with the device, the October 12, 2015 Company disclosure that patients in the MVAD trial had suffered adverse events and that the trial would be further delayed, and the January 11, 2016 Company disclosure 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, the value of HeartWare shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.