BOSTON, Oct. 13, 2015 /PRNewswire/ -- Shares in Heartware International, Inc. ("Heartware" or the "Company") (NASDAQ: HTWR) have plunged approximately 17% after the Company announced on October 13, 2015, that it "may not re-initiate enrollment in the MVAD clinical trial in November as it previously expected."
On September 9, 2015, Heartware stated that it had temporarily paused the MVAD for its Ventricular Assist System CE Mark clinical trial because of a minor manufacturing issue. In a conference call on that date, Heartware CEO Doug Godshall stated that "the enthusiasm we have for MVAD has never been higher" and that "[w]e are thrilled with how the device is performing…we tested it so much that we really weren't worried…we're really pleased with the result so far." He stated at that time that the pause in enrollment would be only until November 2015 "while we upgrade our manufacturing process on the controllers."
Today, however, Heartware announced that it may not re-initiate enrollment in the trial due to reported adverse events. As a result of today's announcement, the Company's stock lost approximately $140 million in investor value through a diminished market valuation.
Block & Leviton LLP, a Boston-based securities litigation firm, is investigating the Company and certain of its officers and directors for possible violations of the federal securities laws.
If you purchased Heartware stock between September 9, 2015 and October 9, 2015 and have questions about your legal rights, or if you have information relevant to this investigation, please contact attorney Steven P. Harte of Block & Leviton LLP at (617) 398-5600 or at [email protected]. Confidentiality for any whistleblowers or other persons with information relevant to the investigation is assured.
Block & Leviton represents investors for violations of securities laws as well as whistleblowing employees who provide information about their employers' violations of law throughout the country. The firm's lawyers have collectively been prosecuting securities cases for over 70 years, have recovered billions of dollars for investors and represent some of the nation's largest institutional investors.
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BLOCK & LEVITON LLP
Steven P. Harte
SOURCE Block & Leviton LLP